Freddie and Fannie have taken their fair share of media attention and criticism over the last few years. After their involvement in many branches behind the mortgage crisis, these lending giants have been working to restore their name. Although their efforts may win back the respect of borrowers, many company executives are ditching the train and heading for more stable ground.
Freddie’s Loss Is Citigroup’s Gain
Freddie Mac executive Anthony Renzi has spent the last two years as Freddie’s executive vice president of single-family mortgage-guarantee and mortgage servicing operations. He is leaving to become the new chief operating officer of Citigroup’s mortgage branch. Renzi will be joining Citigroup as their new COO of the GMAC Residential Capital and president of GMAC mortgage division.
Although his placement at Citigroup comes just after their previous COO left to join Nationstar Mortgage Holdings, Renzi is hoping to bring a sense of stability to a company who has been struggling with righting soured mortgages for quite some time. Due to the turbulence among most lenders these days most mortgage servicers are looking to trade and acquire new resources to bring about a sense of change in the company. Renzi is just one of many industry veterans who are leaving their current placement looking for a better place to spend their remaining years in the field.