X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-Freddie Mac CEO David Moffett has tendered his resignation less than six months after taking over the GSE. The board of directors is working with the Federal Housing Finance Agency to appoint a successor.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.