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.
Take a good look, does the name Orca (large whale with big mouth) come to mind. Between this big mouth and the rest of the Republicans with termite brains we are in big trouble. These fools haved apparantly forgotten what has happened the last 8 years under REPUBLICAN rule. God are they scared to death their rich big business cronies may have to help fix what they created meaning less payoffs come election time. What did the Republicans do?
ruin economy, no health insurance, outsource all jobs, let 20 ILLEGAL aliens into US to take jobs, do nothing about big oil and gas rip off, etc etc etc....OH YEA, and Bush's Republican appointees to our intelligent agencies "mislead-sure" them and we invaded a country that did NOTHING to us. SURE – let's listen to them.HAAAAAAAAAAAAA
For several more years, we'll be seeing the results of Bush's servitude to the rich and powerful. I'm all for raising taxes on the rich in order to return to the American people some of what was stolen from them with the help of the neocons.
The American corporate leadership pool seems to be just like a country club. Everyone knows each other, scratches each other's back and ultimately tries to outdo each other in acquiring wealth however they can. The board members are all in on the game too. Talk about government being corrupt, there's no conscience here either!
Can I buy stock in the Fedreserve,they will make trillions in a complete meltdown?
Thank you, Will. I was wondering how long it would take before Bush would be blamed for this, too. You have once again proven that not one story can be published without liberals blaming the Bush administration. When will libs wake up and realize this is Obama's responsibility now and from what I have seen so far, he is doing a terrible job.
I often wander what happens to CEO's when they are forced out, surely they just don't fade away into the sunset. Do they go to work for another organization like many of the crooks from Enron. Greed is a powerful drug and something tells me that they are looking for their next fix....Scary!
Why aren't for Fannie Mae and Freddie Mac people in jail?
When there was corruption at Enron people where screaming for prosecution, where re those same folks now? This scandal makes the Enron scandal look weak...
How much of our money is he taking with him.? He should take his buddy Barney with him.
BTW, Bush warned about this and reps. initiated a bill but the dems shot it down. Check your history.
I'll say this fast, I wouldn't want your herd to leave without you. You should take a look at some facts and figures and note that the economy was not in shambles until Queen Pelosi and King Reid took over the senate and House over 2 years ago. Blame Republicans all you want the ones who don't want your Tax money to be spent on garbage like the Liberals wanted and now have done. This all would have happend sooner under Bill Clinton if not for a tech bubble and a Republican congress. I also find it quite funny that the article you go at Repiblicans on is an issue which both GWB and MacCain warned about prior to happening while people like Obama collected financial kickouts from Fannie and Freddie. Also it was the Dems like Barney Frank who FORCED THESE BANKS TO MAKE THESE NINJA LOANS TO MINORITIES WHO COULDN'T AFFORD THENM IN THE FIRST PLACE!!!!!!!!!!!!!!! NOW THEY BLAME EVERYONE BUT THEMSELVES WHILE SHEEP LIKE YOURSELF EAT IT UP!!!!!!! GET A CLUE!!!!!!!!!
You guys forget that Frank Raines was the head of Fannie Mae when it went under. He was accused of facilitating accounting fraud that resulted in over $400 million in fines and was paid $20 million while he was doing this. He also illegally received $3 million in personal loans from Countrywide Financial. He was Clinton's budget director and now works for Obama. This was not corporate greed. This was a political payoff.
Probably couldn't bear the fact that he would have to be accountable. I wonder what it's going to cost for him to leave...
FIRE ALL OF THEM.
To all you leftist, Freddie Mac and Fannie Mae were big OBAMA supporters including raising campaign funds and a senoir executive @ Freddie Mac was Barney Franks girlfriend! I want to see these and other financial intitutes executives investigated, prosecuted, and sent to a real Federal Prison, not Club-Fed.
Barbara Campbell i totally agree with you statement. the rich people stole the American people money by sending it oversea. it is about they repay.
He should be arrested.
I was going to add my two cents here but Les hit it on the nail head.
Will this CEO get some kind of a big severence package? I hope not.
When is Barney Franks going to resign?
What took him so long? I hope he lands without a golden parachute.
This is a little like trying to save a beached whale. There's only so much you can do and the prognosis isn't good.
They should throw his butt in jail along with Barney Frank and Christopher Dodd, its their policies that got us into this mess.
Fear not, he's got a spot open as an Obama advisor starting tomorrow!
Well said Les....I have the same sentiments.