Freddie Reports Revamp

Freddie Mac has completed an initial reorganization of its senior-level positions and says it is forging ahead with plans for product development and securities performance improvements in the wake of firings related to its earnings restatement scandal.The reorganization is designed to bring the government-sponsored enterprise's single-family mortgage funding and participation certificate groups in closer alignment with each other, among other things. Mike May, formerly senior vice president and chief operating officer of single-family operations, will fill a new position as senior vice president for mortgage sourcing, operations, and funding. In his new role he will have direct responsibility for Freddie Mac's relationships with lenders, servicers, and investors in the corporation's mortgage-backed securities and will report directly to Paul Peterson, the corporation's executive vice president and chief operating officer. Several other positions were also affected by the reorganization, and the company says it plans to hire other senior-level executives. Freddie Mac can be found online at http://www.freddiemac.com.