Fannie Mae recently announced that Karen Pallotta will become the head of the company’s single family mortgage business starting June 1, 2009. She is replacing Thomas Lund, who is retiring from the company as of June 30, 2009.
Pallotta joined Fannie Mae in 1990 and has served in a variety of leadership roles which include Senior Vice President, Product Acquisition Strategy and Support. Previously, Pallotta was Vice President of Marketing and Lender Strategies where she managed a team responsible for developing and implementing marketing strategies for the single-family business, managing Fannie Mae’s sales presence at industry events, and undertaking customer outreach and education.
"Karen’s ascension to head our single-family division is a testament to the strong and deep bench of talent at all levels in single-family and across the company," said Michael J. Williams, President and CEO. "Karen knows our business from the ground up, understanding both the details and larger strategic picture. She is a talented and innovative member of the company’s executive management team. I expect the leadership transition in our single-family division to be seamless as we continue to do all we can to support the market and help prevent foreclosures during this challenging time for the mortgage industry and the economy as a whole."
Fannie Mae has played an integral role in the development of reverse mortgages but over the past few months the GSE caused a stir with its drastic and erratic pricing changes.