Freddie Mac Shakes Up Management

Among the changes, Chief Financial Officer Anthony Piszel is leaving the mortgage-finance giant.
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Freddie Mac

(FRE)

is making more changes in its executive ranks, further restructuring top management just weeks after the government saved

Freddie

and its sister company

Fannie Mae

(FNM)

from the brink of collapse.

Chief Financial Officer Anthony ("Buddy") Piszel is leaving the mortgage-finance giant and will be replaced by Senior Vice President and Corporate Controller David Kellermann on an interim basis. Chief Business Officer Patricia Cook is also departing.

Senior Vice President Timothy McBride, who oversaw the government and industry relations division has also left, since Freddie Mac has halted all lobbying and political activity.

Freddie said the changes 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."

Cook's underlings, senior vice presidents Donald Bisenius, Michael May and Gary Kain, will now report directly to CEO David Moffet. They oversee the company's three business lines, the single family credit guarantee, multifamily sourcing and investments and capital markets businesses, respectively.

Freddie Mac also said that its credit-management activities will be consolidated under a single new position, chief credit officer. Raymond Romano, senior vice president of credit risk oversight, will be acting chief credit officer while the company completes an external search.

Kellermann and Romano will report directly to Moffet.

Freddie is also wrapping its mission division into the compliance and regulatory affairs division, to foster a closer relationship with its regulator, the Federal Housing Finance Agency. The mission arm is overseen by Senior Vice President Robert Tsien, while Senior Vice President Jerry Weiss oversees the compliance and regulatory arm.

On Sept. 7, the government stepped in to inject up to $100 billion worth of capital into

Freddie Mac

and Fannie Mae as necessary. The government received $1 billion worth of preferred stock in each company in return, giving America-at-large a majority stake, and essentially wiping out existing shareholders.

"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," Moffett said in a statement. "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."