Mortgage

Marzol, deputy FHFA director, plans to retire

WASHINGTON – A senior Federal Housing Finance Agency official who is credited with developing the agency's new capital framework for Fannie Mae and Freddie Mac plans to retire later this month.

The agency announced on Friday that Adolfo Marzol, the FHFA's deputy chief executive officer, will be replaced by Chris Bosland, who is currently senior regulatory advisor. Marzol will be leaving on December 18th.

Marzol previously worked in the mortgage industry for over 30 years. He came out of retirement to serve as senior housing consultant to Secretary Ben Carson at the Department of Housing and Urban Development before joining the FHFA.

In an interview, Marzol said it was time to "go back into retirement" after the FHFA finalized its post-conservatory funding framework for Fannie and Freddie, a major step in exempting government-sponsored businesses from the conservatory.

Marzol worked in the private sector with Essent Guarantee and Essent Group, and held various senior positions with Fannie Mae from 1996 to 2006.

"It's been almost four years since being in government and back to work full-time and it's been an incredible experience and I'm really honored and privileged to have this chance," said Marzol. "I felt it was the right time for me to slow down a lot again."

He was one of FHFA Director Mark Calabria's first employees at the agency. Marzol not only led the FHFA's efforts to re-propose and ultimately finalize the capital framework, but also played a "central role" in the agency's response to the COVID-19 pandemic, Calabria said in a statement.

"The US home finance market is clearly better off for its efforts," said Calabria.

Leading the FHFA's response to the coronavirus, which included imposing a foreclosure and eviction moratorium and allowing Fannie and Freddie to purchase lenient loans, was one of Marzol's proudest accomplishments while at the FHFA.

"I think the nation was hit by an incredible shock and crisis and is still suffering from it. I think the agency did a great job," he said. "I think companies and home loan companies have done very well and I am just very proud to have been part of that effort."

Bosland also joined the FHFA in 2019 and was previously Deputy Chief of Staff in the Treasury Department of the Special Inspector General for the Troubled Asset Relief program. Prior to that, he was an economist at the Federal Reserve Bank of New York.

“I've worked shoulder to shoulder with Chris here at the agency since he joined. He's a seasoned professional [and has] extremely good judgment, ”said Marzol. "I don't think the agency is going to miss a beat. I think it's going to be a very smooth transition."

Calabria described Bosland's experience as "an asset to the FHFA".

"I am absolutely confident that he can be successful in his new role," said Calabria.

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