A new chief executive officer has been appointed to the company that will operate the common securitization platform.
Common Securitization Solutions LLC was created as a Delaware limited liability company in 2013 by Fannie Mae and Freddie Mac. The secondary lenders jointly own the company.
CSS is will build and operate the platform, which will serve as a new secondary mortgage market infrastructure.
On Monday, an announcement indicated that David M. Applegate has been named CEO of CSS.
Applegate spent 17 years at General Motors Acceptance Corp. During his tenure at the now defunct company, he was president of GMAC Mortgage and chairman of GMAC Bank.
His most recent position was president, CEO and director of Homeward Residential Inc., which is now a subsidiary of Ocwen Financial Corp.
Applegate also was previously president of Radian Guaranty Inc. during his two decades in the mortgage business.
Federal Housing Finance Agency Director Melvin L. Watt said in a written statement, “David has the skills and experience needed at this important juncture in the development of the CSP to move it to launch.”
Two Freddie Mac executives, David B. Lowman and Jerry Weiss, were named to the CSS board of directors. Lowman is the former chief of JPMorgan Chase & Co.’s mortgage business.
In addition, Fannie Mae executives Terry Edwards and Rick Sorkin were also named to the CSS board.
“FHFA remains committed to achieving a seamless CSP launch, and I am confident the steps announced today, combined with ongoing input from stakeholders, will help ensure success,” Watt added.
