WASHINGTON - Raymond J. McClendon of Atlanta has been appointed to the board of directors of Freddie Mac by President Clinton.
Mr. McClendon is vice chairman and chief operating officer of the investment banking firm Pryor, McClendon, Counts & Co.
He is the immediate past chairman of the National Association of Securities Professionals.
Mr. McClendon previously worked at the Federal National Mortgage Association, where he was vice president for multifamily activities.
Improvements in its multifamily lending program are a major goal of Freddie Mac as it presses to meet its affordable-housing goals.
Mr. McClendon formed Fannie Mae's public finance department, which was responsible for products to meet the needs of state and local government housing agencies.
"Raymond McClendon brings years of financial management experience to the task of overseeing the important work" of the Federal Home Loan Mortgage Corp., Mr. Clinton said.
Earlier, Mr. McClendon served as director of financial analysis and auditing for the city of Atlanta. He is a graduate of Morehouse College with an MBA from Georgia State University.
Lines Up Financing
SHAWNEE, Kan. - Continental Mortgage Inc., a unit of Advanced Financial Inc., has entered into a master repurchase arrangement with Merrill Lynch Mortgage Capital Inc. in the amount of $20 million.
The financing will be used by CMI to fund the origination of single-family mortgages. The arrangement increases to $24.5 million the funds CMI has available to originate residential mortgages.
CMI believes that this new credit arrangement will significantly increase its origination volume from its present rate of about $14 million a month.
Plans Stock Issue
SOUTH SAN FRANCISCO, Calif. - National Insurance Group announced plans last week for a public offering of one million shares of common stock at $13 a share.
Of the shares being offered, 889,600 will be by the company and 110,400 for other shareholders. Following completion of the offering, the company will have about five million shares outstanding.
To Head Mortgage Unit
MINNEAPOLIS - Rottlund Co., a home builder, has announced that Leonard Kedrowski is leaving its board of directors to become president of North Coast Mortgage Inc., the company's recently formed mortgage subsidiary.
Mr. Kedrowski spent 21 years with Andersen Windows, most recently as chief financial officer and a director.
He is a board member of First State Bank of Bayport, Protection Mutual Insurance Co., Kinnard Investments Inc., and a number of other companies.