The former head of JPMorgan Chase &Â Co.’s mortgage business has been hired by the Federal Home Loan Mortgage Corp. to oversee its residential business.
David B. Lowman was named chief executive officer of Chase’s global mortgage business in October 2006. By 2010, Chase’s U.S. mortgage business originated $157 billion under his leadership.
In June 2011, Lowman’s boss at Chase, Frank Bisignano issued an internal announcement that Lowman had decided to leave the New York-based company to take “much needed time off” after working at Chase “during extraordinary times.”
At the time of his departure in September 2011, Chase owned $204 billion in home loans and serviced $925 billion in home loans for third parties.
Lowman formed The Lowman Company LLC in August 2011 to bring “new solutions to a tired global consumer finance market across all verticals and horizontals of lending,” according to his LinkedIn profile.
On Wednesday, Freddie Mac announced that Lowman was named executive vice president, single-family business.
Lowman starts his new job with the McLean, Va.-based company on May 20.
“He will have broad responsibility for the single-family line of business, including managing the company’s relationships with its seller/servicers, the performance of Freddie Mac’s guarantee book of business, and all sourcing, servicing and business operations,” the announcement said. “Lowman will report directly to CEO Donald H. Layton.”
Layton said in the statement that Lowman has more than three decades’ mortgage lending experience and called him a “highly effective executive.”
Lowman holds a Bachelor of Science degree in Business Management and Accounting from the University of Maryland’s College of Business and Management, according to Freddie’s news release.
