Anthony Renzi, Top Freddie Mac Executive, Steps Down

April 30 (Reuters) - A top executive at Freddie Mac is leaving the mortgage buyer a year after he was appointed to head its single-family business.

The regulator for Freddie Mac and Fannie Mae responded to political pressure in March by slashing salaries for the chief executives of the two firms and ruling out bonuses for many top executives.

The companies, which guarantee half of all U.S. mortgages, have soaked up about $170 billion in taxpayer aid since they were taken over in the wake of the 2008 financial crisis.

Freddie Mac said in a filing with the U.S. Securities and Exchange Commission that Anthony Renzi, a member of the company's management committee reporting directly to the Chief Executive, would leave the company on May 11.

Charles Halderman Jr, Freddie Mac's CEO, has also expressed his desire to step down from the government-controlled mortgage firm.

Revelations that Freddie Mac and Fannie Mae, the two largest sources of U.S. mortgage finance, were paying out $12.79 million in bonuses for 10 executives caused an uproar on Capitol Hill last fall among Democrats and Republicans.

Before joining Freddie Mac, valued at $187.1 million, Renzi worked at GMAC Mortgage for 25 years.

Earlier on HuffPost:

Comments

[Karen Levin]

06:12 PM on 05/01/2012

Just returned from a rain-soaked, exhilerating May 1 action. And now, this news, makes it even more perfect of a day.

[emmanuel kalu]

12:20 PM on 05/01/2012

fire all of them including demarco and get people that would work for less and work to fix the housing market again. this agencies can reduce their depency on the tax payers by aggressively reducing principal, refinancing interest rate and working to stop foreclosures, however they are more worried about investors and the bottomline that feeds their bonuses and pay. we need to focus on dealing with the housing market and not sell it penny on the dollar to wall street that destroyed the housing market.

[SurrealSequences]

10:26 AM on 05/01/2012

Start paying attention too who steps down and or who is fired, (false flags) from these high paying positions. These money powered elite are preparing for something...big.

They do not care about what you think of them being fired and they certainly do not care that you may think they're embarrassed because they are stepping down from a certain high paying position. When *s*h*t hits the fan they want to already be in a safe place with their families. In other words watch their movements....................many of you will know exactly without question what I mean.

[authorized-user]

10:24 AM on 05/01/2012

What sort of cash and parting gifts is this d*nce taking with him.

[Shankster]

09:59 AM on 05/01/2012

Will Obama bring back Franllin Raines? I wouldn't doubt it.

[bkrazee]

09:44 AM on 05/01/2012

President Obama: You have the power to fire Edward DeMarco, the relic from the Bush administration who currently oversees Fannie Mae and Freddie Mac, who refuses to reduce the principal balance on millions of underwater mortgages.

[stroses]

08:46 AM on 05/01/2012

More execs at Fannie Mae, Freddie Mac and also FHFA who regulates them should be fired. They said they're concerned about saving taxpayer money when it comes to modifying mortgage loans, but don't you dare touch their salaries or bonuses.

They contributed to this mortgage crisis that cost people their homes and equity.

We need justice!

[Willie12345]

08:42 AM on 05/01/2012

Guess his pockets are full.

[projustice]

08:28 AM on 05/01/2012

Obviously, more of our tax dollars should be pumped into Freddie, Fannie and other such programs. Just ask Barney Frank.

[emmanuel kalu]

12:22 PM on 05/01/2012

barney frank said help people get homes, not destroy the housing market. nobody force the banks and this agencies to act on pure greed. this has nothing to do with politician, it has everything to do with wall street pure greed and the regulators that allow them to feed this greed.

[projustice]

06:59 PM on 05/01/2012

The justice dept. threatened to prosecute banks who would not loan money to low income applicants. Banks still resisted. Thus the Gramm-Leach-Bliley Act in 1999 that served as the keystone legislation allowing banks to trade in derivatives, mortgage backed securities, and other exotic instruments with Fannie and Freddie guaranteeing the loans.

Was there private sector greed? You bet ya!! Was there political malfeasance and greed? Again, you bet ya! Many politicians became much more wealthy - Barney Frank included.

Remember, the banks could not have done what they did without the aforementioned legislation that rescinded the Glass-Steagall and Bank Withholding Acts.

http://moneymorning.com/2009/01/13/deregulation-financial-crisis/

[silvercreeklady]

08:23 AM on 05/01/2012

They get bonuses and help from tax payers...yet they deny my modification to transfer my two delinquent months payments to the end of my note so that I can save my credit rating....???

[Deaninphilly]

10:12 AM on 05/01/2012

If you're already 2 months behind, your credit shot already

[Alux]

08:08 AM on 05/01/2012

Mr. Renzi has done such an exceptional job during a trying period at Freddie Mac.

I think he should get a bonus for this good work.

Anything less than $200 million would be too little, wouldn't it?

[bornorange]

06:48 AM on 05/01/2012

Follow the logic of this administration...

Fannie and Freddie are at the center of the financial collapse...

Fire the CEO's

Hire Renzi, who has the honor of being a "former GMAC employee" is hired in a leadership position.

GMAC Bailout May Add $6.3B to Public's Tab
http://www.cbsnews.com/2100-500395_162-6288455.html

[thetruthhurts2010]

06:25 AM on 05/01/2012

No doubt he's joining the BHO cabinet. All you lefties will recite the DNC screed of saying how smart BHO is.

[oldpreacherman]

02:02 AM on 05/01/2012

Another one bites the dust.

[loki]

01:42 AM on 05/01/2012

wonder what his parachute is?