CEO of Freddie Mac Resigning

By: Associated Press Email
By: Associated Press Email

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.) is happy to provide a forum for commenting and discussion. Please respect and abide by the house rules:

Keep it clean, keep it civil, keep it truthful, stay on topic, be responsible, share your knowledge, and please suggest removal of comments that violate these standards.

powered by Disqus
Mailing Address: P.O. Box 1212 Augusta, GA 30903 Main Telephone: (803) 278-1212 Newsroom: (803) 278-3111 Fax: (803) 442-4561
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 40532777 -
Gray Television, Inc.