People

Timothy Howard, Fannie Mae's recently ousted chief accounting officer, has been named among the best chief financial officers in America, according to Institutional Investor magazine.The magazine's ranking of the best CFOs is based on a survey of portfolio managers and brokerage firm analysts in 62 industries. Mr. Howard is the lone CFO selection in the "mortgage finance" area, according to a news release put out by Institutional Investor. The magazine notes that Mr. Howard resigned in December of last year, but there is no mention of Fannie Mae's $9 billion accounting scandal, which led the government-sponsored enterprise's board to ask Mr. Howard to leave. In a report released last fall, the Office of Federal Housing Enterprise Oversight accused Mr. Howard of being the "chief architect" of its faulty amortization policy. The agency added that Mr. Howard "failed to provide adequate oversight to key control and reporting functions within Fannie Mae." A spokesman for the magazine could not be reached for comment by MortgageWire's deadline. After OFHEO released its report, Mr. Howard, in congressional testimony, defended the GSE's accounting practices, which were later found to be faulty by the Securities and Exchange Commission.

Subprime lender American Business Financial Services, Philadelphia, which is operating under bankruptcy protection, has promoted Milton Riseman to president and chief operating officer.Mr. Riseman's promotion came late in the day Tuesday, on the eve of a hearing regarding debtor-in-possession financing for the struggling company. Prior to the promotion, Mr. Riseman had been serving as chairman of ABFS' Consumer Mortgage Group, responsible for sales, marketing and day-to-day operations of the company's affiliate, Upland Mortgage. During his career Mr. Riseman also served as president of Advanta Mortgage. The DIP hearing is scheduled for Wednesday morning, said a spokesman for the company.

Federal Housing Administration deputy commissioner Sean Cassidy is leaving the agency after four years on the job.The Department of Housing and Urban Development has named Frank L. Davis, a 37-year veteran of HUD, to replace him. Mr. Davis' official title will be general deputy assistant secretary for housing. Mr. Cassidy is currently serving as a senior advisor to HUD deputy secretary Roy Bernardi while pursuing other opportunities in the Bush administration. He previously worked on the staff of the House Financial Services subcommittee on housing.

The Office of Federal Housing Enterprise Oversight has given Fannie Mae the green light to pay initial pension and deferred compensation benefits to its recently ousted chairman/CEO Franklin Raines and chief financial officer Timothy Howard.However, the order does not include stock options, 2004 bonuses, or other incentive pay. OFHEO also said the approval on initial payments will not affect its ability to seek restitution against Messrs. Raines and Howard should it come to that. At a Congressional hearing Wednesday morning Rep. Richard Baker (R-La.), who oversees the GSE subcommittee said OFHEO, "does not, apparently, have the authority to unilaterally act on the behalf of tax payers." The Congressman added that litigation might be "required after the fact to reclaim" what he called "ill-gotten gains." Messrs. Raines and Howard are entitled to receive monthly pensions of $114,393, and $36,071 respectively.

Thomas M. Goldstein has been named chairman, president and chief executive of ABN Amro Mortgage Group, Chicago.In this role he will oversee all mortgage and home equity line of credit business. Most recently Mr. Goldstein was the senior executive vice president and chief financial officer for its parent LaSalle Bank Corp. He replaces current AAMG chairman Scott Heitmann who has announced his retirement effective April 1. Current AAMG president Stanley Rhodes will become the group's vice chairman. "The mortgage business is a key long-term strategic focus for LaSalle Bank Corp. in North America," remarked Norman R. Bobins, president and chief executive of LaSalle Bank Corp. "His experience and tenure in the financial services industry and as CFO of LaSalle Bank Corp. will be instrumental in growing AAMG's customer base and in expanding its market coverage." Mr. Goldstein will report to Mr. Bobbins and remain a member of LaSalle Bank Corp.'s executive committee.

Freddie Mac has appointed Joan E. Donoghue to be senior vice president and general counsel after working at the GSE for four years."Joan has been a tremendous asset to Freddie Mac during a period of extraordinary change," Freddie chairman and chief executive Richard Syron said in reference to the accounting scandal that was uncovered in 2003 and the ongoing restatement of the company's financial statements. Ms. Donoghue joined Freddie in 2001 after working as deputy general counsel in the Treasury Department (1999-2000). She served as Freddie's interim general counsel after general counsel Maud Mater stepped down in late 2003 She remained as deputy general counsel when Ralph Boyd Jr. was appointed general counsel in April 2004. Freddie announced on Feb. 7 that Mr. Boyd was elected chairman of the Freddie Mac Foundation. The new general counsel is a graduate of University of California (Berkley) law school and she began her career as an associate attorney at Covington & Burling.

Deborah C. Wright, president and chief executive officer of Carver Bancorp Inc., has been elected chairman of the board of Carver, which is the holding company for Carver Federal Savings Bank.Ms. Wright, 47, succeeds Frederick O. Terrell, who has resigned from the board to devote more time to his own firm, Provender Capital Group LLC, Carver said. Ms. Wright has been president and CEO of Carver, and a member of its board, since June 1999. Ms. Wright lauded Mr. Terrell's "immeasurable" contribution to Carver and noted that the company has opened three new branches and three new around-the-clock ATM centers in the past 18 months. The company can be found online at http://www.carverbank.com.

Bear Stearns International Ltd. has hired five asset-backed securities professionals in Europe, including Adam Toft, a managing director the company said will "play a significant role in the development of the commercial mortgage department."Mr. Toft, who previously headed the European Middle East and Asian commercial mortgage-backed securities group at Moody's Investors Service, will be responsible for originating, structuring and distributing real estate loans through capital markets using CMBS and through the banking market via loan syndications. Also hired by Bear for the European ABS group were Peter McAnally and Marie Fernandez, formerly of Halifax Bank of Scotland, who will be in charge of euro-denominated real estate loans; Michael Dirnegger, who previously worked for RZB Bank, who will be in charge of originating real estate loans, collateralized debt obligations and residential mortgages in Germany; and Jesus Rio Cortes, formerly of Calyon, who Bear has hired as part of a residential mortgages team focusing on Spain and Portugal.

The Freddie Mac Foundation has elected Ralph F. Boyd Jr. as its new chairman. Mr. Boyd replaces Freddie Mac chairman and chief executive officer Richard F. Syron, who the government-sponsored enterprise said stepped down from the foundation post "to focus more attention on key legislative and business issues facing the company."In addition to serving as foundation chairman, Mr. Boyd also will continue to serve as a Freddie Mac senior corporate officer in the role of executive vice president of community relations. Mr. Syron will continue to serve on the foundation's board. Freddie Mac can be found on the Web at http://www.freddiemac.com.

Rosario Buendia has been named global practice leader for asset-backed securities, mortgage-backed securities, and new assets in the Structured Finance Group of Standard & Poor's Ratings Services.Ms. Buendia, an attorney, replaces Patrice M. Jordan, who has been named global practice leader for S&P's CDO Group, the rating agency said. Before joining S&P in 1997, Ms. Buendia worked in the International Structured Finance Department of Duff & Phelps Credit Rating Co. and for the New York-based investment banking unit of the Swiss Bank Corp. S&P can be found online at http://www.standardandpoors.com.