The Federal House Mortgage Mortgage Company (FHLMC, or Freddie Mac) has appointed mortgage and monetary providers veteran Ravi Shankar to function senior vice chairman and head of its single household portfolio and servicing division, the corporate introduced on Tuesday.
Shankar, who has greater than 30 years of expertise managing finance, capital markets, portfolios, and mortgage buying and selling operations, will report back to Freddie Mac President Mike Hutchins. The place will give him “broad accountability” over portfolio administration, servicing and the processes and expertise that help them, in line with an announcement from FHLMC.
“Ravi Shankar brings substantial expertise to the corporate as a revered monetary providers chief, portfolio supervisor and Freddie Mac alum. I’m happy to welcome him again to the corporate,” Hutchins mentioned within the assertion. “I look ahead to working with this proficient govt as we proceed to satisfy Freddie Mac’s essential mission of creating residence attainable.”
Shankar is returning to Freddie Mac after a 2013-2019 stint with the government-sponsored enterprise (GSE). Throughout that point, Shankar labored as SVP for single household portfolio administration earlier than transitioning to deputy head of investments and capital markets.
Shankar’s most up-to-date roles had been as senior advisor for Boston Consulting Group and United Wholesale Mortgage (UWM). Previous to becoming a member of Freddie Mac, Shankar held numerous positions with JP Morgan Chase and Citigroup.
In Q3 2022, income and web revenue had been down for each Freddie Mac and its fellow GSE, the Federal Nationwide Mortgage Affiliation (FNMA, or Fannie Mae). Each corporations have mentioned they count on the housing market to additional deteriorate in This fall.
The GSEs have put aside $4.3 billion in credit score loss builds collectively to account for the anticipated decline in residence values in This fall, in line with earnings reviews.