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Executive Alignment

Recent mortgage executive activity

June 1, 2009

By SAM GARCIA


As one presidential nominee was confirmed by the U.S. Senate to oversee legislative and regulatory issues tied to financial institutions, another awaits confirmation. Meanwhile, three chairmen are bowing out and two government-sponsored enterprises have appointed senior executives.

The U.S. Department of the Treasury announced last month that Michael S. Barr was confirmed by the U.S. Senate as assistant secretary for financial institutions. In his new position, Barr will be responsible for developing and coordinating the Treasury's policies on legislative and regulatory issues tied to financial institutions.

Deborah Matz is President Barack Obama's pick to chair the National Credit Union Administration, a statement last month from the regulator said. Matz, who previously served on the NCUA board for five years, also worked at the U.S. Department of Agriculture, on the Congressional Joint Economic Committee and for Andrews Federal Credit Union.

If confirmed by the U.S. Senate, Matz would serve on the board until April 2015.

Karen Pallotta today became head of Fannie Mae's single-family mortgage business, according to a recent press release. The 19-year employee replaced retiring Thomas A. Lund.

"Karen knows our business from the ground up, understanding both the details and larger strategic picture," Michael J. Williams, president and chief executive officer of the government-run GSE, said in the statement.

Another GSE, the Federal Home Loan Bank of Boston, announced last week the appointment of Edward A. Hjerpe III as president and CEO. Hjerpe previously worked at the FHLB Boston from 1988 to 1997 and worked for a company that was eventually acquired by Webster Financial Corp. from 2004 to 2007.

A director for the bank said Hjerpe has "extensive knowledge of, and experience in, housing finance and financial markets."

PMI Group Inc. CEO L. Stephen Smith was re-elected chairman of the Walnut Creek, Calif.-based mortgage insurer, a recent statement said.

Edward M. Liddy informed the board of American International Group Inc. that he will step down as chairman and CEO, a May 21 news release said. Liddy, who took the reins in September 2008, called for a non-executive chairman to replace him and recommended a permanent management structure.

Robert E. Lowder is retiring as chairman, CEO and president of Colonial BancGroup Inc., a statement last week said. The move is being made in conjunction with a $300 million capital infusion by a group of investors led by Taylor, Bean & Whitaker.

Lowder founded the Montgomery, Ala.-based institution in 1981. Colonial now has 352 branches in five states with more than $26 billion in assets.

William R. Hartman has resigned as chairman of Citizens Republic Bancorp Inc., according to an announcement last month. A replacement was expected to be elected at a May 27 annual shareholder meeting.

Hampton Roads Bankshares Inc. Vice Chairman and CEO Jack W. Gibson is leaving after 22 years, a statement last week indicated. Gibson said he had made it known that he wanted to retire by age 60, "and I'm almost there."

Hampton, which operates out of Norfolk, Va., said a four-member executive management team will temporarily assume Gibson's responsibilities while a search for a successor is underway.

Charles Salter III has been hired as chief financial officer of Titanium Holdings Inc., an announcement today said. Salter previously worked in the corporate Treasury's structured finance division of Bank of America Corp.


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com in 2000.

e-mail: [email protected]


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