Freddie Mac names Ross Kari as new CFO
Freddie Mac said Tuesday it has named a new chief financial officer, filling a post that has been occupied on an interim basis for a year.
By Agencies |
McLEAN, Va: Freddie Mac said Tuesday it has named a new chief financial officer, filling a post that has been occupied on an interim basis for a year.
The government-controlled mortgage finance company tapped Ross Kari for the position. He had previously been serving as CFO for Fifth Third Bancorp.
Kari's appointment takes effect Oct. 12. He'll report to Charles Haldeman Jr., who recently took over as CEO.
Freddie Mac has been without a permanent CFO since last fall, when the company was seized by the government during the financial meltdown. Acting CFO David Kellermann committed suicide in April.
For the past year, Kari has been CFO at Cincinnati-based Fifth Third. He previously worked at Safeco Corp.
Fifth Third has named Daniel Poston as CFO to replace Kari, effective immediately.
Kari will be joining Freddie Mac at a time when the company is struggling under the weight of mounting loan defaults and facing uncertainty about its future role in the mortgage industry.
Freddie Mac and sibling company Fannie Mae play a vital role in the mortgage market by purchasing loans from lenders and selling them to investors. Together, the companies own or guarantee almost 31 million home loans worth about $5.4 trillion. That's about half of all U.S home mortgages.
Fearing the companies would go under, the government seized control of Fannie and Freddie a year ago this month. Since then, Freddie has tapped nearly $51 billion in government aid to cope with mounting losses, while Fannie has taken about $34 billion.
With foreclosures continuing to surge, Fannie and Freddie's goals have shifted over the past year. They are now playing a central role in the Obama administration's effort to modify or refinance up to 9 million home loans.
The government-controlled mortgage finance company tapped Ross Kari for the position. He had previously been serving as CFO for Fifth Third Bancorp.
Kari's appointment takes effect Oct. 12. He'll report to Charles Haldeman Jr., who recently took over as CEO.
Freddie Mac has been without a permanent CFO since last fall, when the company was seized by the government during the financial meltdown. Acting CFO David Kellermann committed suicide in April.
For the past year, Kari has been CFO at Cincinnati-based Fifth Third. He previously worked at Safeco Corp.
Fifth Third has named Daniel Poston as CFO to replace Kari, effective immediately.
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Kari will be joining Freddie Mac at a time when the company is struggling under the weight of mounting loan defaults and facing uncertainty about its future role in the mortgage industry.
Freddie Mac and sibling company Fannie Mae play a vital role in the mortgage market by purchasing loans from lenders and selling them to investors. Together, the companies own or guarantee almost 31 million home loans worth about $5.4 trillion. That's about half of all U.S home mortgages.
Fearing the companies would go under, the government seized control of Fannie and Freddie a year ago this month. Since then, Freddie has tapped nearly $51 billion in government aid to cope with mounting losses, while Fannie has taken about $34 billion.
With foreclosures continuing to surge, Fannie and Freddie's goals have shifted over the past year. They are now playing a central role in the Obama administration's effort to modify or refinance up to 9 million home loans.
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