Freddie Mac recently announced that David Lowman has informed the company that he will be stepping down from his position as EVP of the Single-Family business on or about November 1, 2019. The company announced that Donna Corley, SVP and Single-Family Chief Risk Officer, will be named interim head of Single-Family.
“Dave Lowman has helped transform Freddie Mac’s Single-Family business into a modern, innovative market leader. I thank him for his service and congratulate him on a distinguished career,” said David Brickman, CEO of Freddie Mac.
“With over six years at Freddie Mac, I want to take advantage of opportunities presented by the rapidly evolving mortgage finance marketplace and its adjacent industries," Lowman said. "It’s been a great run, and I would like to thank my colleagues and my team for their many contributions to the overall growth and success of our business.”
Brickman added, “Donna Corley’s record of accomplishment at Freddie Mac spans more than 24 years, with deep expertise in risk management, capital markets and pricing. I am confident she will lead this critical business line skillfully. Freddie Mac will perform a thorough search for a highly-qualified permanent replacement to help usher in the next chapter at Freddie Mac.”
Freddie Mac notes that the search for a replacement will consider both external and internal candidates, including Corley.
Lowman joined Freddie Mac in 2013. During his tenure, he helped enhance Freddie Mac’s affordable housing efforts and developed technological advancements for its customers. As Chief Risk Officer, Corley has led a team of 500 employees responsible for analyzing, modeling and managing the risks that impact our single-family business. In this interim role, she will oversee Single-Family’s relationships with its Seller/Servicers, the performance of its guarantee book, and all sourcing, servicing and business operations.
Freddie Mac, along with Fannie, recently took a major step toward being released from conservatorship, after the the U.S. Department of the Treasury and the FHFA recently announced that they had agreed to modifications to the Preferred Stock Purchase Agreements (PSPAs) that will permit Fannie Mae and Freddie Mac to retain additional earnings in excess of the $3 billion capital reserves currently permitted by their PSPAs.
"These modifications are an important step toward implementing Treasury’s recommended reforms that will define a limited role for the Federal Government in the housing finance system and protect taxpayers against future bailouts,” said U.S. Treasury Secretary Steven T. Mnuchin.