Mortgage Daily

Published On: March 11, 2009
New Freddie Chairman, CEOInterim chairman and CEO named

March 11, 2009

By MortgageDaily.com staff

The chairman of Freddie Mac will relinquish his boardroom role to temporarily step in as chief executive officer.The McLean, Va.-based company said today that it named John A. Koskinen as interim CEO. Koskinen has served as chairman of Freddie’s board of directors since Sept. 7, when the Federal Housing Finance Agency seized control of the secondary lender and its government-sponsored cousin Fannie Mae.

Koskinen replaces David Moffett, who said last month that he would step down by this Friday to return to a role in the financial services sector. Moffett was appointed CEO of Freddie also last September.

Robert R. Glauber has been named interim chairman. He will have no role in day-to-day operations.

Glauber joined Freddie’s board in 2006. He lectures at Harvard University — where he is a visiting professor — and was chairman and CEO of the National Association of Securities Dealers from 2001 to 2006, the announcement said. He was appointed by the Reagan administration as executive director of a task force on the 1987 stock market break.

Glauber’s prior board memberships include the Federal Reserve Bank of Boston, a number of Dreyfus mutual funds and the Investment Company Institute.

“Both individuals bring a tremendous amount of public and private sector experience at this critical time for Freddie Mac and the nation’s housing finance system,” FHFA Director James B. Lockhart said in a statement. “FHFA will continue to work with the board as it searches for a permanent CEO.”

Koskinen and Glauber begin upon Moffett’s termination.

Related:
Freddie CEO Quits
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.


Freddie Mac profile

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