Karen Pallotta, a 19-year veteran of the company, will become the head of the Fannie Mae Single-Family Mortgage Business effective 1 June 2009. Thomas A. Lund, Executive Vice President, Single-Family Mortgage Business, is retiring from the company as of 30 June 2009.
Pallotta joined Fannie Mae in 1990 and has served in a variety of leadership roles, most recently as Senior Vice President, Product Acquisition Strategy and Support. In that capacity, Pallotta has been the senior executive responsible for product acquisition, pricing, strategic positioning and organizational activities necessary to support customer relationships on behalf of the company’s single-family guaranty business.
Previously, Pallotta was Vice President of Marketing and Lender Strategies where she managed a team responsible for developing and implementing marketing strategies for the single-family business, managing Fannie Mae’s sales presence at industry events, and undertaking customer outreach and education.
Lund joined Fannie Mae in 1995 as a vice president for marketing before becoming senior vice president of the company’s southwestern region. He then served as senior vice president for Fannie Mae’s Investor Channel before becoming chief acquisition officer. He was named head of Fannie Mae’s Single-Family Mortgage Business in 2005.
“Karen’s ascension to head our single-family division is a testament to the strong and deep bench of talent at all levels in single-family and across the company,” says Michael J. Williams, president and CEO. “Karen knows our business from the ground up, understanding both the details and larger strategic picture. She is a talented and innovative member of the company’s executive management team.
I expect the leadership transition in our single-family division to be seamless as we continue to do all we can to support the market and help prevent foreclosures during this challenging time for the mortgage industry and the economy as a whole.”
“We deeply appreciate Tom’s enormous contributions to Fannie Mae across a distinguished career with the company,” says Williams. “Tom’s leadership of our single-family division through one of the most turbulent and trying periods in mortgage market history has been exemplary, and he has left an invaluable imprint on our company and the industry as a whole. We’ll miss Tom’s deep understanding of the business and his strategic counsel, as well as his warmth and good cheer. We wish him all the best in his future endeavors.”
L.D.