Freddie Mac has selected a new general counsel, the mortgage finance giant said Monday.
Freddie Mac, the second largest U.S. home funding company, named Joan Donoghue senior vice president and general counsel, reporting to Chairman and CEO Richard Syron.
Donoghue takes over for Ralph Boyd, Jr., who has been named Freddie Mac’s executive vice president of community relations. In addition, the Freddie Mac Foundation board of directors elected Boyd to be chairman of the Foundation’s board, the company said.
The Freddie Mac Foundation was created by Freddie Mac in 1991 and is dedicated to serving children and their families. Freddie Mac and the Freddie Mac Foundation have invested more than $256 million in organizations serving the community.
Boyd replaces Freddie Mac Chairman and CEO Richard Syron, who remains on the Foundation board but resigned as its chairman to focus more attention on key legislative and business issues facing the company.
These issues stem at least in part from accounting scandals at both Freddie Mac and Fannie Mae. In December 2004, Fannie Mae replaced Franklin Raines, its chairman and CEO, who announced he was taking early retirement, and Fannie Mae’s chief financial officer, Timothy Howard, resigned Dec. 21.
In late January, a bill to strengthen regulation of government sponsored enterprises such as Fannie Mae and Freddie Mac was introduced by three Republicans in the U.S. Senate.
The legislation would create an independent regulator with the power to shut down the home loan financing giants and other GSEs to protect against a taxpayer bailout if they are failing. The regulator would also have the power to approve new programs and products proposed by Fannie Mae and Freddie Mac.
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