March 2nd, 2009
09:48 AM ET
6 years ago

Freddie Mac CEO to resign

The CEO of Freddie Mac is stepping down.
The CEO of Freddie Mac is stepping down.

NEW YORK (CNNMoney.com) - Freddie Mac's chief executive, installed last year after the government took over the troubled mortgage finance company, is resigning, the company and its regulator said Monday.

David Moffett will step down by March 13. Freddie Mac (FRE, Fortune 500) said it would announce a successor by then.

Moffett said that he planned to return to the financial services sector. He served as chief financial officer of U.S. Bancorp from 1993 until 2007.

"We are very sorry to see David go," Freddie Chairman John Koskinen said in a statement. "He made valuable contributions to Freddie Mac as the company transitioned into conservatorship."

Moffett replaced Richard Syron as Freddie CEO in September, when Freddie and Fannie Mae (FNM, Fortune 500) were placed under conservatorship by its regulator, the Federal Housing Finance Agency.

Both companies back mortgages held by private homeowners, and have received massive cash infusions from the government.

Full story


Filed under: Economy
soundoff (72 Responses)
  1. ran

    It is about time and he should not get any kind of severance package.

    March 2, 2009 01:24 pm at 1:24 pm |
  2. Emma, San Jose

    Is he quitting because he can only earn $500,000.00?

    March 2, 2009 01:24 pm at 1:24 pm |
  3. RW

    Can't blame Bush for this one, liberals! Check your historical facts on the Great Bill Clinton. Also, make sure you read-up on Barney Frank.

    March 2, 2009 01:29 pm at 1:29 pm |
  4. Andi

    don't worry – he still has all his money in an offshore account, so he'll survive

    March 2, 2009 01:31 pm at 1:31 pm |
  5. Mari

    GOOD.......ALL THE CEO'S OF FAILING BANKS & WALL STREET FIRM SHOULD RESIGN!

    THEY RAN THEIR BUSINESSES INTO THE GROUND AND THEY SHOULD BE FIRED OR RESIGN!

    NOT ONE MORE CENT TO BANKS OR WALL STREET!

    March 2, 2009 01:34 pm at 1:34 pm |
  6. pdec

    I love all of the knee-jerk Bush bashing. Obama ran not against McCain, but against Bush. Judging from his recent words and deeds, Obama still, pathetically, is campaigning against Bush. He forgot that when he took the oath of office (twice!) that it was time to stop campaigning and at least pretend to be President. Sooner or later, Obama will be the only person left who believes his "rhetoric". Don't rely on the truth to come out of the mainstream media. The most in-depth coverage we saw on Obama the last few days was how ripped his wife's arms are.

    I would pray for this country if it was legal to do so...

    March 2, 2009 01:34 pm at 1:34 pm |
  7. pdec

    There, there, Robert. We all know you're stupid. You didn't have to waste so many words to prove it to us. One word of advise: If you want to sound more intelligent, or at the very least, reasonable, you need to stop trying to paraphrase Jim Carville and Paul Begala, and just paste their words into your comments.

    It's still crap, but infinitely more readable.

    March 2, 2009 01:43 pm at 1:43 pm |
  8. gl, Pittsburgh

    It is time the all resign!

    March 2, 2009 01:47 pm at 1:47 pm |
  9. Rick

    How much money will the demoncrates give him as a parachute?

    March 2, 2009 01:48 pm at 1:48 pm |
  10. JOE

    I hope the SOB is going to jail...

    March 2, 2009 02:00 pm at 2:00 pm |
  11. JOE

    I hope he is going to jail...

    March 2, 2009 02:01 pm at 2:01 pm |
  12. mj

    IT'S ABOUT DARN TIME!!! DID MOFFETT JUST REALIZE HE IS SCREW-UP!!!

    March 2, 2009 02:02 pm at 2:02 pm |
  13. JOE

    He should be locked up in the same cell as BUSH and CHENEY...Then they can take turns scrubbing toilets with their tooth brushes..

    March 2, 2009 02:04 pm at 2:04 pm |
  14. Greg

    Anyone who thinks that Fannie Mae is responsible for the housing crisis needs to do some serious reading on the subprime history, unregulated mortgage brokers, and the bundling of mortgages into stocks.

    Republicans will believe anything to protect their fractured political philosophy.

    March 2, 2009 02:10 pm at 2:10 pm |
  15. pdec

    The simple fact is, Pelosi, Reid and Obama are not in office by accident. They were placed there by a majority of our nation's voters. Of course, these dopes were shielded quite heavily by the Media which for reasons I continue to fail to comprehend, want them to be inoffice.

    These three wretches are at the helm of yet another failed liberal experiment. Experiment all you want, but for God's sake, don't keep using our country as your laboratory. LBJ has been dead for over 30 years and we are still smarting from his misguided manipulations, the first of which was to reverse the JFK tax cuts. That's success for you...

    March 2, 2009 02:14 pm at 2:14 pm |
  16. rob

    @NYCVOTER

    Great post, and you forgot to mention the deficits were going down until end of 2007 because of those terrible tax cuts for the rich, we had full employment , low intertest rates and low inflation. The Dems took over the congress in 2007 and all of the sudden the whole thing came crashing down.

    Coincidence?

    March 2, 2009 02:32 pm at 2:32 pm |
  17. disgusted

    Les , you're a funny guy. I don't hear Democrats saying that American workers need to accept wages that are paid in communist countries in order to compete. I don't hear them saying that a wage that is 60% of the average wage is a good one. I don't hear them calling for corporate welfare. Over and over and over again.

    Please enlighten us.

    March 2, 2009 02:34 pm at 2:34 pm |
  18. disgusted

    NYCvoter, have you ever worked at a bank? I have. You don't force a bank to do anything. They do what they do out of greed. They do it for the money. We are not in this shape because of poor people. We are here because of greed.

    Are you talking about the CRA? I have read it. You can read it too. The bank has to give you a copy if you request it. Takes about 5 minutes to read. Educate yourself.

    March 2, 2009 02:39 pm at 2:39 pm |
  19. dan in Tucson

    Good ridance, and the CEO's of AIG and Citi should follow suit. If American's are footing the bill, then we need to insure that the leadership that made the company fail, aren't there to do it again. That's our tax dollars, lets not throw it away anymore.

    March 2, 2009 02:39 pm at 2:39 pm |
  20. lib4

    Typical Republicans take NO REPSONSIBLITY what so ever for anything ever. Republicans are always the victim.

    Banking crisis blame the Dems. Housing crisis blame the poor people. Lose an election blame Acorn. Enough.

    Republicans lax to non-exisitent regulation of the financial markets led to this mess. Republicans instance on fighting two wars, cutting taxes and borrowing trillions from foreign goverments at the same time also led to this mess.
    Please take responsibility before lecturing us on fiscal displine. Than you

    March 2, 2009 02:41 pm at 2:41 pm |
  21. charles

    How about , get a list from Swiss Bank, and see how much those Co-s have in there accounts?

    March 2, 2009 02:57 pm at 2:57 pm |
  22. survivor

    I feel a "MAC" attack coming on!

    March 2, 2009 10:16 pm at 10:16 pm |
1 2 3