Fannie Mae (FNMA)

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Fannie and Freddie’s joint company replaces CEO with former GMAC Mortgage president

by Candyd Mendoza | Dec 09, 2019

Common Securitization Solutions (CSS), a limited liability company jointly owned by Fannie Mae and Freddie Mac, has replaced former CEO David Applegate with Anthony Renzi to head the joint venture.
Earlier this year, Applegate announced that he would step down from the position by year-end. CSS then launched a nationwide search for qualified candidates to lead the firm, which has played a crucial part in building and running the technology platform that supports the new Uniform Mortgage-Backed Security (UMBS).
"It (CSS) now administers, on behalf of Fannie Mae and Freddie Mac, nearly 1 million securities, backed by loans with $4.8 trillion in unpaid principal balance," said Jerry Weiss, executive vice president of Freddie Mac and chairman of the CSS board of managers. "The appointment of Tony Renzi signals our commitment to a seamless transition in leadership that will pave the way for continued progress at CSS."
Before CSS, Renzi spent over 23 years of his career at GMAC Mortgage and GMAC ResCap as president and chief operating officer. He also held executive roles at Freddie Mac, Citibank Mortgage, Ditech Holding, and Cenlar FSB.
"We are fortunate to have found an individual with deep industry experience in leading large, complex organizations," said David Benson, president of Fannie Mae and CSS board member. "We're delighted to welcome Tony to the CSS organization and look forward to working with him to strengthen and grow the services provided by CSS."
"I'm excited to be with an organization that enabled the launch of the UMBS," commented Mr. Renzi. "We have the opportunity to continue to support Fannie Mae and Freddie Mac and further define the future of CSS and how it will support the housing finance industry."

https://www.mpamag.com/news/fannie-and-freddies-joint-company-replaces-ceo-with-former-gmac-mortgage-president-194178.aspx