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. Gramsci

    Deploy parachute in 3...2...

    March 2, 2009 10:38 am at 10:38 am |
  2. Had It

    How much is his bonus (better known as "golden umbrella" to secure his future)?

    March 2, 2009 10:40 am at 10:40 am |
  3. Mike in Houston

    The stock markets have given Obama an F. Not only for his policies, but for his failure to control Pelosi and Reid.

    March 2, 2009 10:43 am at 10:43 am |
  4. Hans Brecker, Newport RI

    Typical Democrat Party thief and contributor to the Dem party.......This behavior doesn't fall too far from the tree !!

    March 2, 2009 10:45 am at 10:45 am |
  5. Michael M, Phoenix AZ

    And this guy wants to stay within the financial sector? Why? To screw it up even more?

    March 2, 2009 10:49 am at 10:49 am |
  6. Independent

    So when are Leahy and his famous "Investigative Committee" going
    to actually do some investigation and toss Richard Syron into
    prison ??

    March 2, 2009 10:49 am at 10:49 am |
  7. J

    Obama is destroying this country with his wreckless spending.

    March 2, 2009 10:50 am at 10:50 am |
  8. MIKE

    STOP LISTENING THIS DISFUNCTIONAL IDIOT DROG ADDICT, HE IS FULL OF SSSSSSS.............T. thats the problem with this country, there so many facts open books for people with intelligence, all this right wing machine is infecting a lot people in this country.

    March 2, 2009 10:51 am at 10:51 am |
  9. still hoping

    Freddie and Fannie in trouble and lacking leadership again??

    Thanks Bill, (Clinton that is. And people think he was a great president that left a surplus. Shows how little you know. He left a deficit, destroyed our banking system, slept with an intern for God's sake which totally demeaned the presidency, whimped out on catching Bin Laden, lied under oath. etc. etc. etc. If you consider him a great leader, no wonder you like BO.)

    March 2, 2009 10:51 am at 10:51 am |
  10. Ray Fisher

    Translation from government speak, the spotlight since the market meltdown means less graft and corruption to supplement his salary!!! Not hard to determine but he'll find another job quick since he knows where the bodies are buried and how to cheat the system.

    March 2, 2009 10:55 am at 10:55 am |
  11. Larry Schlueter

    Maybe he can get a job with Barney Frank . . . Barney has always said that Feddie was a good place and was a good investment. What a dork this Barney character has been . . . but, maybe the people that vote for him are even worse.

    March 2, 2009 10:58 am at 10:58 am |
  12. azpete

    And how many millions will he walk away with?

    March 2, 2009 11:00 am at 11:00 am |
  13. j

    He has now positioned himself well knowing which direction the next monetary "infusion" will be directed. He`ll be right there to reap the benefits.------ FOLLOW THE MONEY-- that`s all you need to know.

    March 2, 2009 11:03 am at 11:03 am |
  14. demwit

    We need to give Freddie and Fannine MORE tax dollars for affordable housing..

    March 2, 2009 11:04 am at 11:04 am |
  15. RR

    Chris Dodd and Barney Frank should resign too after they accepted so much money from fannie and freddie and kept the rules so those institutions could risk so much tax payer money!

    March 2, 2009 11:06 am at 11:06 am |
  16. edgar

    I wonder what his bonus is? Hey, the new staying around my home
    is how low will the stock market go! I still say the government is causing
    more problems than fixing. But it seems a lot of American's are running to the government HELP ME the sky is falling. I say "they need to
    grow some balls and get a backbone". For years people thought we
    were crazy because we did not run around charging on credit cards and use our home like a ATM machine. Well now I sit back an laugh! There are great buys out there, but you better have CASH

    March 2, 2009 11:06 am at 11:06 am |
  17. CG from Bham

    All the Ceo's from these bailout companies need to resign their postions . Most jobs do not reward failure so why does Wall st. , banks , and other finacial companies keep Ceo's that have failed them. And in most case they are given bonuses . I do not see why anyone would want to recriut a failed CEO, Why not get some new blood in these services and get the old blood out!

    March 2, 2009 11:07 am at 11:07 am |
  18. good, send him to China

    the Chinese know how to handle people like this

    March 2, 2009 11:09 am at 11:09 am |
  19. will

    I would like to know will everyone else that works for Freddie Mac live with him. Freddie Mac needs to shed itself of all of those who are working there because they got hired through Nepotism. It has been proving education works and just having the right connection does not. Georgia W. Bush and the Republicans has proving that over the last eight years.

    March 2, 2009 11:09 am at 11:09 am |
  20. Jim in Texas

    The current and past Presidents and CEO's of both Freddie and Fannie Mae need to do JAIL TIME..........All of them!

    March 2, 2009 11:13 am at 11:13 am |
  21. Les

    When is Barney Franks, Christopher Dodd, Schumer, Rangel, Nancy Pelosi, Harry Reid, Ted Kennedy, John Kerry and other Democrats will resign? The Democrats are the one who destroyed the economy of this country, FANNIE MAE and FREDDIE MAC; their pet project to get votes with the help of ACORN.

    I have nothing but HATRED with the Democratic Party, a party I pledged allegiance to for so many years! Only last year I've realized the Democratic Party wanted those at the bottom to stay at the bottom to be dependent on goverment welfare, doleouts, cheese!

    March 2, 2009 11:13 am at 11:13 am |
  22. simonsays

    Let's put Barney Frank in charge. After all he's the one who said "Freddie Mac and Fannie Mae are not in a crisis and should be giving more loans to low income people" just before they tanked. Maybe he's got some more keen insight on how to run them.

    March 2, 2009 11:17 am at 11:17 am |
  23. Closet Liberal

    What is that old saying? "When the going gets tough, the tough get going ... to a better job with higher pay, more benefits, and fewer responsibilities."

    March 2, 2009 11:19 am at 11:19 am |
  24. jb

    Is this Barney Franks boyfriend or was that the other guy that the idiot Bush put in?

    March 2, 2009 11:22 am at 11:22 am |
  25. THE OLD TIMER

    NO BONUSES

    March 2, 2009 11:22 am at 11:22 am |
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