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Freddie Mac Announces Organizational Changes

""Freddie Mac"":http://www.freddiemac.com announced new leadership this week for its three lines of business, including its new single-family and operations and technology unit.

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""The new division and leadership changes … underscore Freddie Mac's commitment to transform ourselves and prepare for a new, competitive housing finance system,"" said Charles Haldeman Jr., Freddie Mac CEO.

The GSE's new single-family and operations and technology division consolidates the previously separate single-family credit guarantee, single-family portfolio management, and operations and technology divisions.

Anthony Renzi has been named EVP of the new business unit. Renzi oversees Freddie Mac's single-family line of business, including the administration, relationship, and performance management of Freddie Mac sellers and servicers; performance of Freddie Mac's guarantee book of business; and all sourcing, securitization, servicing/REO, and business operations.

He is also responsible for the leadership, planning, development, delivery, and management of critical IT services and resources for Freddie Mac. Renzi previously served as EVP of single-family portfolio management (SFPM), where he was responsible for servicing, default administration, and REO asset management.

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Freddie Mac also announced several senior leadership changes for the new division, including Paul Mullings as SVP of single-family sourcing and securitization, Tracy Mooney as SVP of single-family servicing and REO, and Robert Lux as SVP and chief information officer.

David Brickman was named the new SVP in charge of the multifamily division. He will replace Mike May, current head of multifamily, on July 15.

Brickman will be responsible for customer relations, product development, marketing, sales, loan purchase, asset management, capital markets, and securitization for the company's multifamily business. He previously served as the VP in charge of the multifamily capital markets department.

Freddie Mac's new chief compliance officer, Carol Wambeke, was promoted to SVP. She is responsible for cross-divisional integration and management of corporate compliance and regulatory examination services, as well as related controls that govern the company's business activities.

Wambeke succeeds Jerry Weiss, the company's current EVP and chief administrative officer. Previously, Wambeke served as VP of corporate compliance and regulatory affairs.

Devajyoti Ghose will assume the roles of SVP of the investments and capital markets division and company treasurer. In his new position, Ghose will manage Freddie Mac's mortgage investment activities, including portfolio liquidity and cash management, as well as the company's short- and long-term debt issuance and hedging activities.

Previously, Ghose served in various senior positions at Freddie Mac in which he was responsible for the company's debt portfolio and non-mortgage investments portfolio; evaluating the risks and returns of Freddie Mac's guarantee fee business; developing hedging strategies; and developing valuation models for various fixed income securities.

About Author: Heather Cernoch

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