Freddie Mac has named Raymond G. Romano as chief credit officer as the tarnished mortgage capital provider seeks to restore its reputation.

Romano has served as senior vice president of credit risk oversight since he joined the company in 2004. In Sept. 2008, Romano also assumed the role as acting chief credit officer while the company conducted a nationwide search for the position.

"Managing credit effectively is the cornerstone of this company, particularly in a turbulent economy," said Freddie Mac CEO David Moffett in a statement. "Ray has really demonstrated leadership at Freddie Mac, and I can think of no one better to serve as our single point of accountability on credit decisions."

Romano will report to Moffett and will lead the company's credit risk management efforts, including credit policy, counterparty credit risk management and loss forecasting. Prior to joining Freddie Mac, Romano served as senior vice president and chief credit officer, and in other executive positions, at different financial institutions, including North American Mortgage Co., Dime Savings Bank of N.Y., and Citicorp's investment bank.

Freddie Mac did not immediately respond to a request for comment on whether he is related to comedian Ray Romano of the TV series, "Everybody Loves Raymond."

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