Leadership role is "critical" as the firm steps up its risk management program
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.”
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Before joining CSS, Bailey served as the chief operational risk and technology risk officer for Texas-based commercial bank Comerica. Prior to that, she held a similar role at Wells Fargo. Bailey has also held several senior leadership positions at the Federal Bank of Chicago, BMO Harris Bank, and Experis.
“CSS is excited to welcome Lysette to our executive management team as CRO,” Renzi said. “As a cloud-technology enabled business, I really wanted our CRO to have deep risk experience with cloud-based technology and cyber risk coupled with operational and capital markets risk experience. We are very pleased to have someone with Lysette’s expertise, who brings insight and extensive experience from both the business and regulatory sides of the industry.”
