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| As Freddie Mac prepares to ask the U.S. Treasury Department for tens of billions of dollars in more aid, its government-appointed chief executive officer is quitting.David Moffett notified the government sponsored enterprise that he will resign on March 13, an announcement today said. Freddie’s board of directors and its regulator, the Federal Housing Finance Agency, are in the midst of a search for a replacement and expect to name an interim CEO by March 13.
Moffett reportedly said that he wants to return to a role in the financial services sector. He was appointed CEO of the McLean, Va.-based firm on Sept. 7, when the FHFA seized control of Freddie and its government-sponsored rival Fannie Mae. Moffett replaced Freddie’s chairman and CEO, Richard F. Syron, who was ousted when the government took over. Freddie and Fannie remain under the conservatorship of FHFA today. Both companies continue to hemorrhage capital — with Fannie reporting a $25.5 billion fourth-quarter 2008 loss and Freddie requesting $30 billion to $35 billion more in government aid today. Freddie Chairman John Koskinen and FHFA Director James B. Lockhart both issued statements praising Moffett for his contribution during the transition to conservatorship. |
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