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Institutional Musical Chairs

Recent executive appointments, terminations

December 29, 2008

By MortgageDaily.com staff


Several institutions -- including Freddie Mac, SunTrust Banks Inc. and Redwood Trust Inc. -- have recently shaken up their top management. Even the primary trade group for the mortgage industry announced executive changes.

William H. Rogers Jr. was named president of SunTrust Banks Inc. on Dec. 12 -- replacing James M. Wells III, a filing with the Securities and Exchange Commission said. Rogers, 51, already headed up SunTrust's wholesale, mortgage, and wealth and investment management businesses.

In addition, SunTrust CFO Mark A. Chancy will now be accountable for the Atlanta, Ga.-based institution's corporate and investment banking business as well as its chief administrative officer organization, according to the filing. Vice Chairman William R. Reed Jr. will assume new responsibilities in connection with transition matters related to the new organizational structure.

"Although we clearly are making today's announcement during a challenging time for our industry and thus for our institution, it is important to note that these changes reflect longer-term considerations, notably the priority we place on good governance and responsible corporate stewardship," Wells, who remains chairman, said in a recent press release.

Freddie Mac reported today that Raymond G. Romano was named chief credit officer. Romano, who was named interim chief credit officer on Sept. 26, has served as senior vice president of credit risk oversight since joining Freddie in 2004. He previously worked at North American Mortgage Co., Dime Savings Bank of NY and Citicorp's investment bank.

Romano will report to Freddie Chief Executive Officer David Moffett and will head credit risk management efforts including credit policy, counterparty credit risk management and loss forecasting.

Robert E. Cauley was appointed chairman of Bimini Capital Management Inc., an announcement earlier this month said. Cauley is already CEO of the Florida-based firm. He replaced W. Christopher Mortenson, who resigned.

In addition, G. Hunter Haas IV was named president, chief investment officer, chief financial officer and treasurer of Bimini.

Marty Hughes will replace Doug Hansen when he retires as president of Redwood Trust Inc. this week. Hansen will continue to serve on Redwood's board.

Hughes will continue to serve as CFO and as co-chief operating officer with Brett Nicholas.

The Mortgage Bankers Association announced earlier this month that it named Angela Lazear senior vice president and CFO effective on Thursday. She is a certified public accountant and joined the trade group in 2000

Lazear previously led all financial, treasury and budgeting activities at the National Rural Electric Cooperative Association and also worked at Coopers & Lybrand as a senior audit manager. She earned a masters of business administration from the Robert H. Smith School of Business at the University of Maryland.

John Mason has joined the board of directors of the Federal Home Loan Bank of Pittsburgh, a press release today said. He filled the seat currently allocated to Delaware.

Mason is the chief investment officer and treasurer of ING DIRECT USA and previously worked at KeyCorp. He graduated from Indiana University with a bachelor's of science degree in business economics.

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