Industry veteran David Applegate will serve as the first chief executive officer of Common Securitization Solutions LLC, the new firm co-owned by Fannie Mae and Freddie Mac to develop a common securitization platform for the mortgage secondary market.
In addition, each of the government-sponsored enterprises appointed two executives to serve on CSS's board of managers, and signed governance and operating agreements for the CSS business, the companies announced Nov. 3. From Fannie Mae: Terry Edwards, who is expected to
Applegate was most recently the president and CEO of Homeward Residential, the Dallas-based mortgage lender and servicer that
The common securitization platform was mandated by the GSEs' regulator, the Federal Housing Finance Agency, to replace certain elements of Fannie and Freddie's proprietary systems for securitizing mortgages and performing associated back-office and administrative functions, with the goal of developing a single enterprise mortgage-backed security, Fannie and Freddie said in a statement.