The Assistant General Counsel position is in the Multifamily Real Estate group of the Legal Division (Legal MFRE). Attorneys in the Freddie Mac Legal Division are seen as key advisors on significant business / product decisions. Legal MFRE is responsible for providing legal support to the Multifamily Division, which includes Loan Production & Sales, Targeted Affordable Housing, Underwriting & Credit, Asset Management & Operations and Multifamily Capital Markets. The Multifamily Division purchases loans individually, as portfolios of loans and as structured finance transactions. The majority of loans are purchased for securitization. Legal MFRE provides transactional support for each multifamily loan purchased and serviced by Freddie Mac, including negotiation of commitments and loan documents, review and analysis of legal issues in connection with loan purchases, servicing and securitization, due diligence of loans for securitization, and support for the real estate aspects of securitization, including reviews of pooling and servicing agreements, subservicing agreements and related documents. Legal MFRE develops and updates multifamily loan documents and forms and provides support for Multifamily Division product development, initiatives and policies. Legal MFRE also provides support for Multifamily Division costing, pricing, lender approvals and eligibility matters, multifamily research, marketing and communications. Legal MFRE is seeking an Assistant General Counsel to support Targeted Affordable Housing loan production and underwriting and related activities. Most activities are time sensitive and require collaboration with the others in Legal MFRE and with the Multifamily client and related business partners.
The job responsibilities for this role include:
- Serve as legal counsel, independently and/or assisting or collaborating with other attorneys, for Freddie Mac’s purchase of multifamily loans, including negotiation of contracts/commitments for the purchase of loans and the terms of loans documents.
- Work with the Multifamily Division and Freddie Mac’s securities lawyers in connection with securitization of multifamily mortgages.
- Serve as legal counsel, independently and/or assisting the Managing Associate General Counsel and other attorneys, in connection with servicing of multifamily mortgages and other asset management and operational matters.
- Provide legal advice to internal clients on a broad range of legal matters related to Freddie Mac as a business entity, including the development of products and product enhancements.
- Manage and work with outside counsel.
- Juris Doctor (JD) degree; membership in good standing in a state Bar; and a minimum of ten years of legal experience
- Legal analytical skills
- Experience in commercial real estate finance with a law firm or corporate law department, including primary responsibility for negotiating and closing transactions
- Ability to draft well-structured, complete and concise correspondence and documents
- Ability to create and maintain strong collaborative relationships with clients
- Ability to develop and maintain cooperative relationships with lenders from whom Freddie Mac buys multifamily mortgages, with lawyers for those lenders, and with borrowers, servicers and investors
- Ability to work comfortably and routinely as part of a team and to cooperate across organizational boundaries
- Ability to organize and prioritize multiple pending matters
- Ability to view the closing of transactions as a process as well as a series of discrete deals and to identify ways to improve that process
Keys to Success in This Role
- Familiarity with common commercial real estate lender-borrower issues and ability to quickly negotiate resolution of the same
- Superior oral and written communications skills
- Ability to create and maintain strong collaborative relationships with colleagues and clients and to work with peers to ensure consistency of legal advice and negotiating positions.
Top 3 Personal Competencies to Possess
- Partnership – Build trust and strong partnerships through individual and team actions
- Customer Focus – Personally engage with customers to learn their needs
- Drive for Execution – Be accountable for strong individual and team performance
• Knowledge of the customary legal relationships, legal issues, and closing practices in connection with purchases of multifamily mortgages by investors and securitization of commercial mortgages
• Knowledge of and experience with affordable housing transactions and issues including:
properties that have been financed using Tax-Exempt Bonds, Low Income Housing Tax Credits, Section 8, RAD, Tax Abatements and other Federal, State and Local subsidies.
• Familiarity with master servicing and special servicing issues in the context of CMBS transactions
• Experience with structured finance and pooled transactions
• Experience with transactions with multiple layers of subordinate debt and negotiation of subordination agreements
• Experience with the secondary mortgage market
Today, Freddie Mac makes home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Join our smart, creative and dedicated team and you’ll do important work for the housing finance system and make a difference in the lives of others. Freddie Mac is an equal opportunity and top diversity employer. EOE, M/F/D/V.
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