Freddie Mac Announces Organizational Changes

MCLEAN, Va., June 7, 2011 /PRNewswire/ -- Freddie Mac (OTC Bulletin Board: FMCC) today announced new leadership for each of its three lines of business. Anthony "Tony" Renzi has been named the executive vice president of a new Single-Family and Operations & Technology Division designed to oversee and enhance Freddie Mac's single-family mortgage business lines and technology division.  David Brickman   has been named as the new senior vice president in charge of the Multifamily Division.  Freddie Mac also named Carol Wambeke as its new Chief Compliance Officer and Devajyoti "Doc" Ghose the senior vice president of Freddie Mac's Investments & Capital Markets division and the company's Treasurer.

"The new division and leadership changes we are announcing today underscore Freddie Mac's commitment to transform ourselves and prepare for a new, competitive housing finance system," said Freddie Mac Chief Executive Officer Charles "Ed" Haldeman Jr. "I am especially proud of the way these changes build toward the future by drawing on the exceptional experience and industry knowledge each of these executives bring to their new positions."

New Single-Family and Operations & Technology Division

The new Single-Family and Operations & Technology division consolidates the previously separate Single-Family Credit Guarantee, Single-Family Portfolio Management, and Operations & Technology divisions.

In his new position, Renzi oversees Freddie Mac's single-family line of business, including the administration, relationship and performance management of Freddie Mac Seller/Servicers; performance of Freddie Mac's guarantee book of business; and all sourcing, securitization, servicing/REO and business operations. In addition, he is responsible for the leadership, planning, development, delivery and management of critical IT services and resources for Freddie Mac.  Renzi will continue reporting to Freddie Mac CEO Haldeman and will remain a member of the Freddie Mac Management Committee.

To support the new Single-Family and Operations & Technology Division, Freddie Mac announced a number of other senior leadership changes.

Paul Mullings was named senior vice president of Single-Family Sourcing and Securitization. Mullings' organization represents the seller-side of the company's external face to customers. They are responsible for supporting the nation's single-family housing market by providing essential liquidity, promoting responsible lending and sustainable homeownership.

Tracy Mooney was elevated to a new role as senior vice president of Single-Family Servicing and Real Estate Owned areas. Mooney will work with the company's 1,400 loan servicers to preserve homeownership across America, facilitate positive servicing industry change, vigorously work to reduce credit losses and effectively manage one of the largest REO portfolios in the country — with an overarching goal of reducing losses and preserving communities.

Robert (Rob) Lux was named senior vice president and chief information officer in October 2010. Lux is responsible for the company's Information Technology (IT) assets and services. In this capacity, he oversees end-to-end technology solutions that ensure delivery of strong operational platforms and integrated services throughout Freddie Mac's businesses.

Mullings, Mooney and Lux will report directly to Renzi and are members of the Freddie Mac Management Committee.

New Multifamily Division Leadership

David Brickman will assume the role of head of the Multifamily Division after Mike May, the current head of Multifamily, leaves the company 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, which includes the flow mortgage, structured and affordable mortgage, CMBS and low-income housing tax credit portfolios.  He will report directly to Freddie Mac CEO Haldeman and will be a member of the company's Management Committee.

Most recently, Brickman served as vice president of Multifamily CMBS Capital Markets, responsible for all CMBS investment and multifamily capital market activities, including capital deployment, pricing, portfolio management, securitization, research, model development and CMBS trading.

Compliance, Investments and Capital Markets Divisions

Freddie Mac's new Chief Compliance Officer Carol Wambeke was also promoted to senior vice president and will report directly to CEO Ed Haldeman as a member of the company's Management Committee.  In this position she will be responsible for cross-divisional integration and management of corporate compliance and regulatory examination services.  Since joining Freddie Mac as a senior economist in 1997, Wambeke has held a number of executive positions most recently as the company's Vice President, Compliance -- Regulatory Affairs.

Wambeke succeeds Jerry Weiss, who became the company's executive vice president and Chief Administrative Officer earlier this year.

In his new position, "Doc" Ghose will be responsible for managing all of Freddie Mac's mortgage investment activities for the mortgage-related investments portfolio liquidity and cash management, as well as the company's short- and long-term debt issuance and hedging activities.  Ghose reports directly to Chief Financial Officer Ross Kari and is a member of the company's Management Committee.

Previously, Ghose served in various senior positions at Freddie Mac in which he was responsible for managing the company's debt portfolio and the non-mortgage investments portfolio; maintaining the company's liquidity position; evaluating the risks and returns of Freddie Mac's guarantee fee business; developing hedging strategies for Freddie Mac's investment portfolio; and developing valuation models for various fixed income securities including mortgage-related products, debentures and interest-rate derivatives.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.  www.FreddieMac.com

SOURCE Freddie Mac