Fannie Mae veteran Karen Pallotta has joined Redwood Trust’s board of directors.
Pallotta spent more than 20 years at the government sponsored enterprise until her retirement in 2011. Her most recent role was executive vice president of the single-family credit guaranty business, which she assumed during the height of the financial crisis and subsequent to Fannie Mae's government conservatorship.
"[Pallotta] brings the deep background and experience of a seasoned mortgage executive to our Board,” Richard Baum, chairman of Redwood Trust's board of directors, said in a press release. “As Redwood continues to expand its residential mortgage banking business, [Pallotta’s] strategic and operational experience will no doubt prove invaluable to the company's management, directors, and shareholders."
Redwood, based in Mill Valley, Calif., is a real estate investment trust. It is one of the most active private-label securitizers of residential mortgages.