A few months after losing his job during a cost-cutting maneuver at GMAC Inc., mortgage industry veteran Tony Renzi has landed at Freddie Mac and will be in charge of the government-sponsored enterprise's efforts to minimize losses and dealing with its seller/servicers.
Industry sources said Renzi, whose appointment was announced Thursday, also interviewed at Fannie Mae.
Bruce Witherell, Renzi's new boss at Freddie, would not say where else the former GMAC executive interviewed but said, "We're happy to have him here at Freddie."
The GSE created a new position for Renzi, who worked at GMAC for more than 20 years. He will hold the title of executive vice president of single-family portfolio management.
Witherell, Freddie's chief operating officer, said Renzi "will be involved in all aspects of our decisions on the credit and default side," including the disposition of Freddie's repossessed properties.