Fannie Mae and Freddie Mac have announced David Applegate is stepping down as CEO of Common Securitization Solutions LLC (CSS)
, the joint venture established by the government-sponsored enterprises (GSEs) to create a new single securitization infrastructure. Applegate will stay at CSS until a replacement is named.
CSS was established in 2013
and the focus of its efforts, the Uniform Mortgage-Backed Security (UMBS), was issued in June
. Applegate was president and CEO of Dallas-based Homeward Residential Inc. before joining CSS, and was earlier president of GMAC Mortgage and chairman of GMAC Bank.
“In my conversations with the board, I expressed that this was the optimal time for a transition, following the June launch of the UMBS on the CSS-built Common Securitization Platform,” said Applegate. “Since I joined CSS in November of 2014, it has been my honor to work alongside the amazingly talented teams at CSS, Fannie Mae, Freddie Mac, FHFA, and our external partners to realize the vision for a Single Security.”