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Ross J. Kari. On Capitol Hill, Freddie Mac announced the retirement of CFO Ross J. Kari, who will depart his post during the second half of 2013. While Kari has not yet revealed an official timeline for retirement, he has committed to stay with Freddie until a successor is appointed and a smooth transition has taken place. "Ross has been an invaluable asset to Freddie Mac, leading the company through some of its most important financial efforts," noted the organization's CEO, Donald H. Layton. Matthew Kerin. In Michigan, Flagstar Bancorp, Inc., and its subsidiary, Flagstar Bank (FSB), announced Matthew Kerin as president of FSB's mortgage unit. Kerin, who was EVP and managing director of mortgage banking for FSB prior to his promotion, will now assume responsibility for the bank's mortgage-related functions. Additionally, Kerin will focus on risk management, operational efficiency, and quality control for FSB's lending operations. Thomas J. McInerney. Genworth Financial, Inc., named Thomas J. McInerney as the company's new president and CEO. McInerney has held senior leadership positions for ING Group and Aetna Financial Services; most recently, he served as an advisor to The Boston Consulting Group. "We are very pleased to have someone with Tom McInerney's breadth of experience and record of achievement step into this role at Genworth," noted James Riepe, Genworth's chairman of the board. Mark Nogaki. ClosingCorp has added Mark Nogaki as the company's SVP of sales. Nogaki joins the California-based firm from his previous SVP position at Ursus Advisors, LLC, a provider of products and services for the financial industry. He has also served as SVP at Fiserv, Inc., and Response Analytics. In his position at ClosingCorp, Nogaki will be responsible for growing the company's portfolio of data and technology services within the mortgage, title, settlement, and real estate industries. Vincent R. Palagiano. Appointing a New Yorkbased member director, the Federal Home Loan Bank of New York elected incumbent Vincent R. Palagiano. Brooklyn resident Palagiano is the chairman and CEO of The Dime Savings Bank of Williamsburgh, and in his member director position for the FHLB of New York, he will serve a four-year term, which took effect on January 1. C. Cathleen Rafaelli. Following the Federal Home Loan Bank of New York's board elections, C. Cathleen Rafaelli was re-elected as an independent director for the organization. Currently the president and managing director of The Hamilton White Group, LLC, Rafaelli will serve a four-year term for the FHLB of New York; she joins Rev. Edwin C. Reed, who was also recently confirmed as an independent director for the bank. Rev. Edwin C. Reed. Set to continue his service as the Federal Home Loan Bank of New York's "public interest" independent director, representing community interests in housing, Rev. Edwin C. Reed was re-elected to the bank's board. Through the FHLB of New York's electoral process, Rev. Reed was confirmed to a four-year term for the organization; currently, Rev. Reed is the president and CEO of GGT Development, LLC. Christopher Whalen. Carrington Holding Company, LLC, announced the hiring of Christopher Whalen to head the company's investment banking operations. Whalen was named EVP and managing director for Carrington Investment Services, and in his new position, he will focus on fundraising and developing, as well as marketing new products for Carrington's business units. Whalen is co-founder and vice chairman of the board of Institutional Risk Analytics and author of Inflated: How Money and Debt Built the American Dream. Galante Wins Appointment as FHA Commissioner Serving as the agency's acting commissioner and assistant secretary for housing since 2011, the Senate voted to approve Galante as the FHA's new leader. C ongress approved the appointment of Carol Galante as assistant secretary for housing and commissioner of the Federal Housing Administration (FHA). The appointment was finalized with 69-24 vote from the Senate. Galante has served as the acting assistant secretary and FHA commissioner since July 2011. In its annual report to congress at the end of last year, FHA reported a shortage of $16.3 billion. The FHA has been in a precarious situation since many of the loans it insures faltered during the housing crisis, and rumors of the possible need for a taxpayer bailout have circulated for some time. The agency raised its insurance premiums by 0.1 percentage point, but some predicted this would not be enough for Galante to win the favor of some dissatisfied Republicans in Congress. However, she was able to win over some critics by committing to reform some of the agency's practices and to strengthen its business. "I am pleased that a bipartisan majority in the Senate agreed that Carol offers responsible leadership at a time when we are pursuing necessary reforms to stabilize FHA's financial outlook," said Shaun Donovan, secretary of the Department of Housing and Urban Development (HUD). Donovan praised Galante for her role in launching the Office of Risk Management and Regulatory Affairs and integrating it into the Office of Housing, as well as launching the Office of Housing Counseling at HUD. He also mentioned her efforts to provide affordable housing for the elderly and disabled. "Carol and I look forward to continuing to work with the Congress in the effort to strengthen FHA for future generations of American homeowners," Donovan said. Prior to taking on the role of the acting assistant secretary for housing and FHA commissioner, Galante served as deputy assistant secretary for multifamily housing programs since 2009. The M Report | 21