Freddie Mac’s New Chief Credit Officer Brings Strong Credentials to Tough Task

Freddie Mac today named Raymond G. Romano chief credit officer. Romano had been the company’s senior vice president of credit risk oversight since joining Freddie Mac in 2004 and in September also took the position of acting chief credit officer. Romano’s appointment follows a nationwide search to fill the position, which is responsible for credit risk management activities across the entire Freddie Mac enterprise. “Managing credit effectively is the cornerstone of this company, particularly in a turbulent economy,” Freddie Mac CEO David Moffett said in a prepared statement. “Ray has really demonstrated leadership at Freddie Mac, and I can think of no one better to serve as our single point of accountability on credit decisions.” Romano’s work in rebuilding Freddie’s credibility is clearly cut out for him. Along with sibling Fannie Mae, on Sept. 7 Freddie Mac was placed into a conservatorship under the Federal Housing Finance Agency, one of the signal early steps in the federal government’s response to the tsunami-sized ripples from the subprime mortgage meltdown. Before joining Freddie Mac, Romano was senior vice president and chief credit officer and in other executive positions at North American Mortgage Co., Dime Savings Bank of New York, and Citicorp’s Investment Bank. He holds a BS in finance from Long Island University.