Freddie Mac has named a new chief credit officer and is reorganizing its single-family securitization group into five divisions.
David Andrukonis, formerly senior vice president of Freddie's seller division, assumes the top credit post, reporting to Freddie's president, David W. Glenn.
Mr. Andrukonis will oversee credit risks for the single-family, investment, and multifamily mortgage businesses, ensuring that their risk- management systems meet company standards, Freddie said.
John Fisk, executive vice president, will continue to lead the single- family securitization group; its divisions will be marketing, sales, and production; risk assessment and model development; customer service and control; investor and dealer services; and portfolio management.
The moves at McLean, Va.-based Freddie Mac came after similar executive shifts at Fannie Mae-part of its effort to improve community lending initiatives.
Fannie has promoted Adolfo Marzol to executive vice president and chief credit officer. He will lead the credit policy committee and oversee credit risk management.
Changes at both Fannie and Freddie reflect increased responsibilities for executives handling credit issues.
"Credit-risk analysis and pricing is the new science," said Kenneth A. Posner, vice president at Morgan Stanley Dean Witter.
Freddie's commitment to pricing and trading of credit risk could have "tremendous implications for the stock price if they can demonstrate an ability to manage credit risk rather than naively accumulate it," Mr. Posner said.
