Freddie Mac CEO steps down
Posted on: Monday, 2 March 2009, 14:31 CST
David Moffett, chief executive officer at the Federal Home Loan Mortgage Corp., has said he will step down after six months on the job.
In a statement, Freddie Mac Chairman John Koskinen said, We are very sorry to see David go.
Moffett, the chief financial officer at U.S. Bancorp from 1993 though 2007, took over Freddie Mac at the U.S. Treasury's request when the mortgage broker, known as a government-sponsored enterprise, fell into conservatorship.
While no reason was given for his departure, a close friend told The Wall Street Journal that Moffett was frustrated with the red tape that came along with the conservatorship. He's a private-sector guy,
this friend said.
Under the conservatorship guidelines, the Federal Housing Finance Agency, Freddie Mac's regulator, acts as the firm's board. As such, small and large decisions must be funneled through the regulator, the Journal said.
Hurt by asset write-downs, Freddie Mac has had to borrow $14 billion from the government and may need an additional $35 billion after its next financial statement is released, CNNMoney.com reported.
Freddie Mac said it will announce Moffett's replacement by March 13, when Moffett is expected to depart.
Source: United Press International
Related Articles
- Takeover of Fannie Mae, Freddie Mac Likely
- National League of Cities, TV Worldwide to Webcast Senators Clinton, Dodd, Hoyer and Coleman at NLC Congressional City Conference, Washington D.C., March 12-13
- Biloxi Housing Authority Announces Partnership With Enterprise and Fannie Mae to Build 1,500 Affordable Homes in Southern Mississippi
- Freddie Mac to Feel Wrath of Hurricanes
- Freddie Mac Paying $125M Civil Fine
- Freddie Mac Inflated Earnings by $1B
- Freddie Mac Inflated Earnings by About $1B
- Freddie Mac Board Agrees to Replace CEO
- Feds Open Criminal Probe on Freddie Mac
 |
 |
User Comments (0)
RSS Feeds