In his resignation letter Moffett said that he wants to return to a role in the financial services sector. Freddie Mac did not return a call to GlobeSt.com in time for publication. Moffett will be leaving on March 13. In a prepared statement chairman of the board John Koskinen said Freddie Mac will name an interim CEO before March 13.
Moffett departure comes as both Fannie Mae and Freddie continue to hemorrhage capital. Last week Fannie Mae reported a $25.2 billion loss and said it needed $15.2 billion in government assistance. Freddie Mac will be reporting its Q4 quarter earnings early this month.
Moffett was appointed to lead Freddie Mac when the Treasury Department seized it and Fannie Mae last September. Moffett, the former vice chairman and CFO of US Bancorp, replaced Richard Syron.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
