WASHINGTON — A senior official at the Federal Housing Finance Agency, 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 said Friday that Adolfo Marzol, the principal deputy director of the FHFA, will be succeeded by Chris Bosland, who is currently senior adviser for regulation. Marzol will depart on Dec. 18.
Marzol had previously spent more than 30 years in the mortgage industry. He came out of retirement to serve as senior adviser for housing to Secretary Ben Carson at the Department of Housing and Urban Development before joining the FHFA.
In an interview, Marzol said he felt it was time to “transition back into retirement” after the FHFA finalized its post-conservatorship capital framework for Fannie and Freddie, a key step toward releasing the government-sponsored enterprises from conservatorship.
Marzol had worked in the private sector at Essent Guaranty and Essent Group and held
“It's been almost four years of being in government and being back working full time, and it's been an incredible experience, and I really feel honored and privileged to have had this chance,” Marzol said. “I felt like it was the right time for me to transition back to a much slower pace.”
He was one of FHFA Director Mark Calabria’s first hires at the agency. In addition to leading the FHFA’s effort to re-propose and ultimately finalize the capital framework, Marzol also played “a central role” in the agency’s response to the COVID-19 pandemic, Calabria said in a statement.
“The U.S. housing finance market is clearly better off for his efforts,” Calabria said.
Helping to lead the FHFA’s response to the coronavirus, which included imposing a foreclosure and eviction moratorium and enabling Fannie and Freddie to purchase loans that had entered into forbearance, was one of Marzol’s proudest accomplishments during his time at the FHFA, he said.
“I think the nation was hit by and is still suffering from an incredible shock and incredible crisis, and I think the agency did a super job,” he said. “I think the enterprises and the Home Loan banks performed very well, and I just feel very proud to have been part of that effort.”
Bosland also joined the FHFA in 2019, and was previously deputy chief of staff at the Treasury Department’s Office of the Special Inspector General for the Troubled Asset Relief Program. Before that, he was an economist at the Federal Reserve Bank of New York.
“I've been working shoulder to shoulder with Chris here at the agency, since he joined. He's a seasoned professional [and has] extremely sound judgment,” Marzol said. “I don’t think the agency will miss a beat. I think it’s going to be a very smooth transition.”
Calabria called Bosland’s experience “an asset for FHFA.”
“I am completely confident in his ability to hit the ground running in his new role,” Calabria said.
