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Fannie Mae and Freddie Mac Appoint David Applegate as CEO for Common Securitization Solutions [Professional Services Close - Up](Professional Services Close - Up Via Acquire Media NewsEdge) Fannie Mae and Freddie Mac jointly reported that David Applegate has been appointed chief executive officer of CSS. In its release dated Nov. 3, the Company said additionally, Fannie Mae and Freddie Mac each appointed two executives to the CSS Board of Managers and signed governance and operating agreements for CSS. Prior to joining CSS, Applegate was president, CEO and director of Homeward Residential. Previously, he was president of GMAC Mortgage and chairman of GMAC Bank from 2000-2007. Jerry Weiss, Freddie Mac Executive Vice President and Chief Administrative Officer, said, "I am delighted that CSS will have a leader of such stature and quality. David Applegate will help ensure that CSS forms a sound foundation on which to rebuild the infrastructure of the country's secondary mortgage market and launch a single security. Freddie Mac is pleased to be playing a leading role in this important project." "CSS is poised to take the next steps in building a future securitization infrastructure," said Andrew Bon Salle, Fannie Mae Executive Vice President, Single-Family Underwriting, Pricing and Capital Markets. "David Applegate is a respected leader in the industry who will bring deep expertise in mortgage finance to CSS. Fannie Mae looks forward to working with CSS, Freddie Mac and the Federal Housing Finance Agency to lay the foundation for a strong housing finance system for the future." Appointments to the CSS Board of Managers are: David Lowman, Freddie Mac Executive Vice President, Single- Family Business Jerry Weiss, Freddie Mac Executive Vice President and Chief Administrative Officer Terry Edwards, Fannie Mae Executive Vice President and Chief Operating Officer Rick Sorkin, Fannie Mae Senior Vice President, Single-Family Pricing Strategy and Structured Transactions Common Securitization Solutions, is a jointly owned limited liability company formed between Fannie Mae and Freddie Mac for the purpose of designing, developing, building and operating the CSP. ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. [ Back To TMCnet.com's Homepage ] |