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Freddie Mac’s Exec in Charge of Loss Mitigation Steps Down

After just over two years as executive vice president over the single-family mortgage business at ""Freddie Mac"":http://www.freddiemac.com, Anthony Renzi is stepping down.

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According to documents filed with the ""Securities and Exchange Commission"":http://www.sec.gov (SEC) Monday, Renzi submitted his resignation on April 24 and will officially depart from the organization on May 11.

Renzi stepped into a newly created role with the GSE as EVP of single-family portfolio management in mid-April of 2010. He was responsible for managing and minimizing

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losses on Freddie Mac's nearly two trillion-dollar single-family guaranteed portfolio, which included overseeing the company’s loss mitigation activities.

In June 2011, the GSE restructured its business lines and Renzi was promoted to EVP of the entire single-family business, which consolidated all credit guarantee, portfolio management, operations, and technology functions, and left oversight of the GSEs’ servicers and their performance as it related to loss mitigation and foreclosure avoidance in Renzi’s domain.

Freddie Mac’s single-family guarantee segment posted a loss of $10.0 billion for the 2011 fiscal year and a loss of $16.3 billion for 2010. The GSE completed 208,274 workout solutions for distressed borrowers in 2011 and 275,256 in 2010.

In early March of this year, Freddie Mac’s regulator, the ""Federal Housing Finance Agency"":http://www.fhfa.gov (FHFA) revealed plans to cut pay for the company’s top executives by 10 percent. Renzi’s annual salary for 2012 was $2,475,000.

_National Mortgage News_, citing ""industry sources,"" says Renzi has taken a senior-level position in Citigroup's mortgage division.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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