After two years as acting president of the Federal Home Loan Mortgage Corp., Leland C. Brendsel last week received the formal title of president and chief executive.
"It was the decision of the previous board of directors not to name a permanent president," said Brendsel. "I think it was a mistake. It created uncertainty in regards to the direction and future leader of the company. We lacked the focus and attention necessary for the market we are in."
Freddie Mac, as the corporation is called, is a leader in the secondary mortgage market. It purchases home loans from savings and loan institutions and other lenders and then sells securities backed by the mortgages. Freddie Mac is a congressionally chartered corporation whose stock is owned by member savings institutions through common stock held for them by the 12 Federal Home Loan Banks.
M. Danny Wall, chairman of the Federal Home Loan Bank Board, which appointed Brendsel, said Brendsel "had the right experience, personality, confidence and support for the job."
Freddie Mac's previous board was chaired by Edwin J. Gray, whose term expired July 1. Some industry sources say Gray had wanted to become president of Freddie Mac when he completed his tenure as chairman, and that kept the board from naming a president until now. Wall said Gray "was not indicated to me as a candidate" for president.
Brendsel joined Freddie Mac in 1982 as executive vice president and chief financial officer after serving as vice president and chief economist at the Federal Home Loan Bank in Des Moines for four years. Before that, he was a financial economist for the Farm Credit Bank in the District and also was a professor in the finance department of the University of Utah.
"I was looking for more challenges," Brendsel said when asked why he left a teaching career for banking. "I wanted to get involved where the action is."
As head of Freddie Mac, Brendsel is in the middle of a changing secondary mortgage market. The company is trying to attract more investors with different kinds of securities, such as those that divide a security's pay-back amounts into different classes. It has introduced international securities into the world market and has increased the number of multifamily dwelling mortgage-backed securities. Last month, Freddie Mac announced a new adjustable-rate mortgage program that will focus on lenders.
In spite of uncertainties at the top, "Freddie Mac has funded more mortgages than ever before," said Brendsel. Its asset base has increased from $40 billion to $170 billion in the past two years.
"Now that I am president, I can get on with business," said Brendsel. His first priority is to fill his old job as chief financial officer.
The American Assembly has named Daniel A. Sharp to replace Stephan Stamas as president. Sharp was recently director of international and public affairs for Xerox and worked for the company for 14 years. American Assembly is a national public affairs institution affiliated with Columbia University in New York. The Washington chapter of American Women in Radio and Television Inc. elected Kathryn Schmeltzer president; Ellen McCloskey president-elect; Virginia von Fremd vice president; Lisa Tate secretary, and Ann Bavender treasurer.
The American Business Women's Association Washington chapter named Henrietta E. Young president.
Mark French, the director of development for the U.S. Chamber of Commerce, has been named to the newly created position of vice president for corporate relations and development at the American Trucking Association.
Commercial Real Estate Women Inc. named Nancy Walker president, Sandra Schoolfield vice president, Judith Richards treasurer, and Marilyn Spaugh Burroughs and Ann Malcolm secretaries.
Kathleen K. Diamond has become president of the National Association of Women Business Owners.
BANKING, FINANCIAL SERVICES
Kenneth L. Crovo has joined the Bank of Loudoun as president and chief executive officer.
The Federal Home Loan Bank Board appointed William E. Fulwider deputy executive director for public affairs.
Defense News appointed Judith Kohn Brown a reporter covering procurement policy, the defense budget, strategic affairs and political issues in the Middle East. Barbara Starr has been named a reporter covering Navy procurement matters, naval strategy and the Persian Gulf.
Dennis McIntosh has been named director of the office of government affairs for the Corporation for Public Broadcasting. His previous position was director of broadcaster congressional relations for the National Association of Broadcasters.
COMPUTER, HIGH TECHNOLOGY
Orbital Sciences Corp. named Allen E. Fuhs chief scientist. Fuchs will establish a new OSC office in Monterey, Calif., to pursue analysis studies for government space applications.
Contel Corp.'s federal systems sector appointed Donald W. Barrett president of its applied systems division.
Computer Sciences Corp. appointed Noel F. Wobler vice president for digital document systems.
Versar Inc. appointed Donald J. Ehreth vice president for program integration. His primary responsibility will be to promote cooperation among the company's various operations.
RJO Enterprises named Sharon Blackmon corporate employment manager and Jill K. Machol compensation manager of its human resources development department.
Greater Southeast Community Hospital named Ronald C. Jessamy Sr. chairman, Dr. Edwin J. Hinman vice chairman, Susan D. Hubbard secretary, and Patricia A. Wells treasurer.
HOTEL, FOOD SERVICES
Smithfield Foods Inc. in Arlington elected to its board John L. Gibson II, president and chief executive officer of Dominion Investment Bank, and Joel W. Greenberg, vice president, commodities, for Shearson Lehman Bros.
Joseph A. Carabillo has been appointed vice president, legal, for the Union Labor Life Insurance Co.
George R. Adams, president of Chevy Chase Securities Inc., a subsidiary of Chevy Chase Savings Bank, has been elected president of the American Cancer Society in the District.
Audrey Hoffer has been named manager of communications of OEF International, a private nonprofit organization whose focus is to improve the economic condition of low-income women in Third World countries.
Technology Applications Inc., a professional and technical services firm in Alexandria, appointed M. Jack Savage Jr. director of contracts and Robert A. Kurek vice president of the management systems division.
William F. Madison has been appointed vice president of corporate affairs at TRESP Associates Inc., a high-technology professional services firm.
Figgie International Inc. appointed Bruce L. Fowler director of corporate risk management, J. David Klaitz president of its Waite Hill Holdings insurance subsidiary in Richmond, and Paul G. Gedemer president of its Kline Foundries division.
Robert A. Kurek has been appointed vice president of the management systems division at Technology Applications Inc. in Alexandria.
Pallace Inc. appointed Alex Sturdza art director, Kimberly Hyland associate account executive, and Kelley Songer assistant account executive.
Thurman R. Pierce Jr. has been named vice president and general manager of Long & Foster Real Estate Inc.'s mortgage affiliate, Prosperity Mortgage/Corp.
Ray Whitbey joined KT Enterprises Inc., a landscape management company in Alexandria, as vice president of finance.
USAir appointed Joseph Abruzzo director of application development at the airline's computer center in Fairfax.