Freddie Mac announced changes to its organization and senior management today. The mortgage backer said the modifications will “enable the company to help stabilize the housing finance system and position it to take advantage of business opportunities in the market over the longer term.”
The company’s three business lines – Single Family Credit Guarantee, headed by Donald J. Bisenius; Multifamily Sourcing, headed by Michael C. May; and Investments and Capital Markets, headed by Gary D. Kain – will report directly to Freddie Mac’s newly appointed CEO David M. Moffett, named when the government seized control of Freddie and Fannie earlier this month. The company said the new structure effectively eliminates the need for a chief business officer. As a result, Patricia L. Cook, who held that position, will be leaving the company.

Freddie Mac also named SVP and corporate controller David Kellermann as acting CFO, reporting directly to Moffett, while it undertakes an external search to fill the position on a permanent basis. The current CFO Anthony S. (“Buddy”) Piszel is departing the firm.
All of the company’s credit management activities will be consolidated under a single new position, chief credit officer, reporting directly to Moffett. Raymond G. Romano, SVP of credit risk oversight, will be the acting chief credit officer, reporting directly to Moffett while the company conducts an external search.
In a statement to the press, Freddie Mac said it views the fulfillment and definition of its mission as a matter to be conducted in close consultation with its new regulator and conservator, the Federal Housing Finance Agency (FHFA). As such, the company’s mission division, headed by SVP Robert Y. Tsien, will move into the company’s compliance and regulatory affairs division, under SVP Jerry Weiss.
Freddie Mac has ceased all lobbying and political activity. As a result, Timothy J. McBride, SVP of government and industry relations, is also leaving the company.
“I am excited about the changes we’re making today, and believe they position us to best achieve the mission and goals of the company over the long term,” CEO David Moffett said. “I also want to thank the officers who are leaving Freddie Mac for their service to the company. I commend them for the many accomplishments and achievements Freddie Mac made under their leadership and wish them all the best in their future endeavors,” Moffet added.