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Fannie, Freddie securitization joint venture CEO steps down

David Applegate will step down as CEO of Common Securitization Solutions LLC, a joint venture established by government-sponsored enterprises Fannie Mae and Freddie Mac to build and operate a single securitization infrastructure.

The CSS board of managers has launched a search for Applegate's replacement from both internal and external candidates and hired Spencer Stuart to conduct the search.

Applegate will stay on to help with the transition.