Common Securitization Solutions appoints new chief risk officer

Common Securitization Solutions (CSS), a joint venture of Fannie Mae and Freddie Mac, has tapped industry veteran Lysette Bailey as senior vice president and chief risk officer.

In her new role, Bailey (pictured) will oversee the firm’s overall risk appetite framework, including its enterprise-wide processes and systems for identifying and reporting current and emerging risks. CSS manages the issuance and servicing of Fannie Mae’s and Freddie Mac’s Uniform Mortgage-Backed Security (UMBS) and over one million multi-class securitization structures, representing 30 million loans and outstanding principal balances of more than $6 trillion.

“The CRO position is a critical leadership role for CSS with respect to both identifying and mitigating risks that might compromise the integrity, safety and soundness of Fannie Mae and Freddie Mac’s mortgage-backed securities program,” said Tony Renzi, chief executive officer of CSS. “Now more than ever, our ability to further enhance our risk management program to include heightened focus on cyber and information security are key.”