Freddie Mac CEO David Moffett announced today he is resigning effective next Thursday.
Moffett, who has been in the post since last September when the company went into conservatorship, gave no reasons for his resignation except to say he wanted to return to the private sector.
The mortgage buyer has been losing money as the value of its holdings has declined because of the collapse of the housing market. In the same release as it announced Moffett's resignation, the company said the agency that oversees the company-the Federal Housing Finance Agency–will draw $30 billion-$35 billion from its line of credit with the Treasury Department to offset some of its losses.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
