Former GMAC head named CEO for new Fannie, Freddie subsidiary

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Former GMAC head named CEO for new Fannie, Freddie subsidiary

Former GMAC head named CEO for new Fannie, Freddie subsidiary

Where is GMAC today? My point EXACTLY!


Washington Business Journal-

David Applegate, the former president of GMAC Mortgage and chairman of GMAC Bank, has been named the first chief executive of Common Securitization Solutions LLC, the new Fannie Mae and Freddie Mac subsidiary that will operate in the secondary mortgage market.

Applegate, whose GMAC career spanned 17 years, was most recently president and CEO of Homeward Residential Inc., a Dallas-based mortgage lender with $4.5 billion in assets.

Fannie and Freddie each appointed two executives to the CSS board of managers as well: David Lowman, Freddie Mac executive vice present of single-family business; Jerry Weiss, Freddie Mac executive vice president and chief administration office; Terry Edwards, Fannie Mae vice president and chief operating offer; and Rick Sorkin, Fannie Mae senior vice president, single-family pricing strategy.

[WASHINGTON BUSINESS JOURNAL]

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