Freddie Announces Major Reorg, Former GMAC Exec in Charge of SF and Tech
Freddie Mac on Tuesday afternoon unveiled a major reorganization in its ranks, naming former GMAC executive Tony Renzi to head a newly created division to oversee single family lending, operations and technology.
Other structural changes came in multifamily, capital markets, and compliance.
One official who knows Renzi quipped, “Now, about 75% of the company reports to him.” His official title is executive vice president of the units he heads.
A little more than a year ago Renzi was forced out of the servicing division of GMAC Mortgage as part of a brutal cost cutting move at the struggling company. In April of last year Freddie hired Renzi as executive vice president of single-family portfolio management, putting him in charge of nonperforming loans, foreclosure avoidance and managing the company's servicers.
As part of the new changes, Freddie also named David Brickman senior vice president in charge of its multifamily division, and Carol Wambeke chief compliance officer. Devajyoti "Doc" Ghose was named senior vice president of investments and capital markets and also will serve as the GSE’s treasurer.
At press time it was unclear whether any jobs were lost in the reorganization. A Freddie spokeswoman had not returned a telephone call at press time. Most of the moves were internal promotions.
"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 CEO Charles 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."
The new single family and operations/technology division consolidates the previously separate single family credit guarantee, single family portfolio management, and operations and technology divisions.
In his new position, Renzi oversees Freddie Mac's SF business, including the administration, relationship and performance management of the GSE’s seller/servicers, among other chores. He will report directly to Haldeman and will remain a member of the company’s management committee.
Freddie also made other leadership changes, naming Paul Mullings senior vice president of single family sourcing and securitization. Mullings reports to Renzi.
The GSE recently returned to profitability on an operating basis, but continues to lose money when its dividend payments to the U.S. Treasury are factored in.