The Federal Home Loan Mortgage Corp., filling a key vacancy, has hired Daniel Russell 3d to guide its programs for lower-income families.
Mr. Russell had been top official at the Development Training Institute, a Baltimore organization that trains lenders and developers in affordable housing matters. He has more than 20 years of experience in real estate.
At Freddie Mac, Mr. Russell will be vice president in charge of affordable housing, a post that had been vacant for eight months. It was last held by Carl Riedy, who resigned after a year and a half to return to his former employer, First Boston Corp.
Department Realigned
The delay in filling the post was caused by an effort to realign the department, a Freddie Mac spokeswoman said.
Mr. Russell joins at a time when Freddie Mac and its chief rival, the Federal National Mortgage Association, are under intense pressure from Congress, community groups, and lenders to step up their purchases of mortgages made to low- and moderate-income families.
Mr. Russell will report to Michael Stamper, executive vice president of risk management. Mr. Stamper heads an internal working group at Freddie Mac that was formed to expand financing for affordable housing.
Quality Control Chief Named
Separately, Freddie Mac has promoted James J. Johnson, 43, to vice president of quality control.
He has been charged with developing processes to ensure that single-family mortgages purchased by the agency are of good quality.
The post was previously held by Debra Rose-Johnson, who requested a transfer to the Washington agency's Dallas office, the spokeswoman said.
Mr. Johnson -- no relation to his predecessor or to his name-sake who heads Fannie Mae -- had been director of single-family underwriting and marketing for the agency's North Central region.
In his new post, he will analyze the underwriting procedures of lenders that sell mortgages to the agency and direct on-site audits of lenders.
He will oversee 100 employees in Freddie Mac's five regional offices.
