(Updates with commercial mortgages, company comment starting in the third paragraph.)
Oct. 19 (Bloomberg) -- Prudential Financial Inc., the second-largest U.S. life insurer, hired Michael McRoberts as managing director of its Fannie Mae and Freddie Mac commercial- mortgage business.
McRoberts, who starts Dec. 5, worked at Freddie Mac as vice president and national head of sales and production, Newark, New Jersey-based Prudential said today in a statement issued by Business Wire. The insurer said McRoberts will be expected to boost lending for multifamily housing, a segment that includes apartment buildings.
McRoberts will be a “catalyst for continued growth” in lending, David Durning, senior managing director of Prudential Mortgage Capital Co., said in the statement. “The last few years have brought tremendous change for all participants in the agency lending business.”
Fannie Mae and Freddie Mac are government-supported mortgage-finance companies. Wall Street has boosted its output of commercial-mortgage-backed securities in the wake of the recession and credit crisis. About $61 billion in U.S. CMBS has been issued so far this year, compared with $47 billion in all of 2010, according to data compiled by Bloomberg.
Prudential declined $1.19, or 2.3 percent, to $50.40 at 2:56 p.m. in New York Stock Exchange trading. It has slipped 14 percent this year, compared with the 19 percent decline of the 24-company KBW Insurance Index.
--Editors: Dan Reichl, Dan Kraut
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