March 2, 2009
WASHINGTON -- Mortgage giant Freddie Mac says Chief Executive David Moffett is resigning.
Freddie Mac said Monday that Moffett will step down as CEO and from the board of directors no later than March 13. He has been CEO since September, when the government seized control of the mortgage finance company and its sibling Fannie Mae.
Freddie's said its board is working with the Federal Housing Finance Agency to appoint a successor to Moffett, who indicated in his letter of resignation that he wanted to return to the financial services sector.
The two companies own or guarantee about half of the $11.5 trillion in U.S. outstanding home loan debt.
(Copyright 2009 by The Associated Press. All Rights Reserved.)