Saiyid T. Naqvi Elected to Freddie Mac Board of Directors
MCLEAN, VA -- (Marketwired) -- 08/06/13 -- Freddie Mac (OTCQB: FMCC)
today announced that former PNC Mortgage president and chief
executive officer Saiyid T. Naqvi was elected as a director on the
company's board. Naqvi, age 63, was responsible for management of PNC
Mortgage's $121 billion portfolio and national network of 91 retail
"Sy is a significant and timely addition to the Freddie Mac Board of
Directors," said Christopher S. Lynch, Freddie Mac's non-executive
chairman. "He has a national reputation as a seasoned financial
executive with proven leadership experience and detailed knowledge of
mortgage and consumer financial operations. Sy brings to the board a
deep background in risk and operational management that will help
ensure Freddie Mac continues its important work in keeping the U.S.
mortgage market strong."
Naqvi led PNC Mortgage Corporation of America as president and chief
executive officer between 1995 and 2001, when PNC Financial Services
Group sold off its mortgage business. In 2009, Naqvi returned to
supervise the bank's integration of National City Mortgage and to
head the newly constituted PNC Mortgage as president and chief
executive officer. In the interim he was president of Harley Davidson
Financial Services, chief executive officer of DeepGreen Financial,
and president and chief financial officer of Setara Corporation.
Naqvi has served on the corporate boards of Genworth Financial, Inc.
and Hanover Capital Mortgage Holdings, Inc. He earned a bachelor's
degree in chemistry from the University of Missouri and a master's
degree in business administration from Southern Illinois University.
Freddie Mac was established by Congress in 1970 to provide liquidity,
stability and affordability to the nation's residential mortgage
markets. Freddie Mac supports communities across the nation by
providing mortgage capital to lenders. Today Freddie Mac is making
home possible for one in four home borrowers and is one of the
largest sources of financing for multifamily housing.
www.FreddieMac.com. Twitter: @FreddieMac
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