Freddie Mac announces resignation of CEO David MoffettMortgagePress.comFreddie Mac, David Moffett, Federal Housing Finance Agency
Freddie Mac has announced that its chief executive officer,
David Moffett, has notified the chairman of the board of directors
of his resignation from his position as chief executive and as a
member of the board, effective no later than March 13, 2009.
The board of directors is working with the Federal Housing
Finance Agency (FHFA) to appoint a successor to Moffett. Moffett
indicated that he wants to return to a role in the financial
services sector. In his letter of resignation, he said, "I have
enjoyed my time as CEO of Freddie Mac and I wish all the great
employees the very best in the days to come."
John Koskinen, chairman of the board, said, "We are very sorry
to see David go. He made valuable contributions to Freddie Mac as
the company transitioned into conservatorship." Koskinen also said,
"We expect to name an interim CEO before March 13 to assume David's
responsibilities once he leaves." He added, "The board remains
fully committed to ensuring the company continues its critical role
in supporting the housing finance system during this difficult
economic period."
Management continues to estimate that FHFA, in its capacity as
conservator of Freddie Mac, will submit a request to Treasury to
draw an additional amount of approximately $30 billion to $35
billion under the Senior Preferred Stock Purchase Agreement between
Freddie Mac and Treasury, following the timely filing of the
company's annual report on Form 10-K with the Securities and
Exchange Commission.
For more information, visit www.FreddieMac.com.
