Page 50 - September October 2018 Disruption Report Flip Book

FREDDIE MAC SEJPATN.U-AORCYT.20210818
something that works over something that doesn’t work, because you have good technical. It’s not like you have a big conflict of interest. The FHFA’s in charge and you get paid in a way that doesn’t make it a conflict of interest. (National Mortgage News, Hannah Lang, 10/18/18)
Freddie Mac names David Brickman as interim CEO
Freddie Mac CEO Donald Layton announced his plans to step down from his role in the second half of 2019, triggering the implementation of the board’s succession plan. The board of directors has named David Brickman, EVP and head of Freddie Mac Multifamily, as the company’s
interim president, effective immediately. The board also promoted Deborah Jenkins, the SVP of multifamily underwriting and credit, to EVP and head of Freddie Mac’s multifamily operations on January 1, 2019.
“Don has played an indispensable role in transforming Freddie Mac and moving the housing finance system in a better direction, particularly with his leadership in developing the GSE credit risk transfer market,” said Christopher Lynch, chairman of Freddie’s board of directors. “The Board is extraordinarily grateful for his service to the company, and we anticipate that he will continue to play an invaluable role at Freddie Mac during his remaining tenure.”
The board is “confident” that Brickman’s experience will help further the company, added Lynch. “David is an excellent choice to serve as president. He is a natural leader who has built the multifamily business into the industry’s innovative market leader.” (HousingWire, Caroline Basile, 09/05/18)
Freddie Mac’s year-to-date STACR issuance reaches $6.3 billion
On October 16, Freddie Mac announced the pricing of $1 billion Structured Agency Credit Risk (STACR®) Trust 2018-HQA2, its second planned and final HQA deal of 2018. Through its STACR offerings, Freddie Mac transfers a significant portion of its mortgage credit risk on certain groups of loans to private investors.
“We issued $6.3 billion of STACR offerings to the market so far this year, with two more
planned executions,” said Mike Reynolds, Freddie Mac’s VP of credit risk transfer. “The recent enhancements to the STACR program are making the program even more attractive to investors worldwide and moving us closer to a durable credit risk transfer (CRT) structure.” (Press Release, Freddie Mac, 10/16/18)
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