New GSE Chairmen Appointed

The Federal Housing Finance Agency has appointed John A. Koskinen the new chairman of Freddie Mac and Philip Laskawy the chairman of Fannie Mae. "Good corporate governance at the enterprises is especially important right now, and I appreciate the willingness of both of these men to provide board leadership during these challenging times," FHFA Director James Lockhart said. The GSE regulator dismissed the chairmen and boards of directors of Fannie and Freddie when the government-sponsored enterprises were placed in conservatorship Sept. 7. Mr. Koskinen was president of the Palmieri Co., which specialized in restructuring troubled companies and provided management services for the Resolution Trust Corp. He also served at the Office of Management and Budget as deputy director. Mr. Laskawy was chairman and chief executive of Ernst & Young until he retired in 2001. "Both of these individuals have the types of skills and experience needed to ensure a healthy financial future for Fannie Mae and Freddie Mac," Mr. Lockhart said.