Local Digest

New Siemens U.S. chief to work from Washington

Freddie Mac has gained a larger role in the apartment-financing market amid the crisis.
Freddie Mac has gained a larger role in the apartment-financing market amid the crisis. (Jay Westcott/bloomberg News)
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Thursday, January 14, 2010


Siemens's U.S. chief to work in District

The German electronics and engineering giant Siemens said a new president and chief executive for its U.S. business will be based in Washington. Eric Spiegel, who was based in the District previously as senior partner at the management consulting firm Booz & Co., is scheduled to start later in January. His predecessor at Siemens was based in New York.

"Since he will be based in D.C., he will help Siemens and serve as a strong voice on policy issues that affect Siemens and its customers," said the company, in a statement. The U.S. division employs more than 60,000 people and reported revenue of $21.3 billion in 2009.

-- Mike Musgrove


Freddie Mac plans $1.1 billion bond sale

Freddie Mac plans to sell about $1.1 billion of securities backed by loans on multifamily properties.

The debt issue, one of at least six expected for this year, is likely to be priced around Jan. 27, the McLean mortgage-finance company said. Investors will be protected against default on the underlying mortgages by both a Freddie Mac guarantee and credit protection created by the deal's structure, the company said.

Freddie Mac and competitor Fannie Mae of the District have gained larger roles in the apartment-financing market amid a collapse in demand for private commercial-mortgage-backed securities after property prices started to plunge.

Goldman Sachs and J.P. Morgan Chase are managing the sale of Freddie Mac's Series K securities, which are backed by 70 "recently originated" multifamily mortgages, the company said.

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