Industry veteran David Applegate will serve as the first chief executive officer of Common Securitization Solutions LLC, the new firm co-owned by Fannie Mae and Freddie Mac to develop a common securitization platform for the mortgage secondary market.

In addition, each of the government-sponsored enterprises appointed two executives to serve on CSS's board of managers, and signed governance and operating agreements for the CSS business, the companies announced Nov. 3. From Fannie Mae: Terry Edwards, who is expected to step down from his role as chief operating officer in the first half of 2015, and Rick Sorkin, senior vice president of single-family pricing strategy and structured transactions, and from Freddie Mac: David Lowman, executive vice president, single-family business, and Jerry Weiss, EVP and chief administrative officer.

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