Posts by Donna Corley
Donna Corley is chief risk officer for Freddie Mac’s Single-Family Business, overseeing the analysis and management of potential risks to the business. She sets credit policy and manages seller/servicer credit performance; helps ensure compliance with Freddie Mac’s underwriting standards, loan-manufacturing processes, and requirements for originating and servicing loans; and provides models used in underwriting, costing, and servicing. She also manages counterparty credit risk for mortgage insurers and reinsurance companies and maintains sound, efficient processes to manage operational, Sarbanes-Oxley, and compliance risk. Previously, Corley served as senior vice president for Credit Pricing, Risk Transfer & Securitization.
Private mortgage insurance (PMI) plays an important role in the mortgage finance system because it makes homeownership possible when 20 percent down payments are an obstacle to otherwise qualified borrowers. The 2008 housing crisis underscored the importance of the mortgage industry to maintain a financially strong and resilient system that can provide consistent liquidity and broaden the access America's borrowers have to affordable mortgage credit in good times and bad.
The U.S. housing finance system is never static. As the details of possible future systems are debated on Capitol Hill and the Internet, the current system continues to change while financing billions of dollars in single- and multifamily mortgages every month. Freddie Mac's approach to mortgage finance is changing in ways intended to maintain liquidity for borrowers while posing less risk to taxpayers.
Freddie Mac's innovative credit risk sharing initiatives are not only getting traction with investors but have received significant praise from an influential and respected publication, Euromoney. Our inaugural Structured Agency Credit Risk (STACR®) debt notes recently earned Euromoney's Global Structured Deal of the Year for 2013. This is the premier award for structured capital transactions in the global capital markets.