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.
It is about time and he should not get any kind of severance package.
Is he quitting because he can only earn $500,000.00?
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.
don't worry – he still has all his money in an offshore account, so he'll survive
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!
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...
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.
It is time the all resign!
How much money will the demoncrates give him as a parachute?
I hope the SOB is going to jail...
I hope he is going to jail...
IT'S ABOUT DARN TIME!!! DID MOFFETT JUST REALIZE HE IS SCREW-UP!!!
He should be locked up in the same cell as BUSH and CHENEY...Then they can take turns scrubbing toilets with their tooth brushes..
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.
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...
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.
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.
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.
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.
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
How about , get a list from Swiss Bank, and see how much those Co-s have in there accounts?
I feel a "MAC" attack coming on!