Fannie Mae veteran Karen Pallotta has joined Redwood Trust's board of directors.

Pallotta spent more than 20 years at the government-sponsored enterprise until her retirement in 2011. Her most recent role was executive vice president of the single-family credit guaranty business, which she assumed during the height of the financial crisis and subsequent to Fannie Mae's government conservatorship.

"[Pallotta] brings the deep background and experience of a seasoned mortgage executive to our Board," Richard Baum, chairman of Redwood Trust's board of directors, said in a press release. "As Redwood continues to expand its residential mortgage banking business, [Pallotta's] strategic and operational experience will no doubt prove invaluable to the company's management, directors, and shareholders."

Redwood, based in Mill Valley, Calif., is a real estate investment trust. It is one of the most active private-label securitizers of residential mortgages.

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