Freddie Mac CEO Announces Resignation After 6-Months on Job

March 2, 2009

US (ChattahBox) – David Moffett, the CEO of Freddie Mac, is set to resign this week after a controversial few months have left many within the industry calling for changes.

Freddie Mac is preparing to ask Congress for yet more bailout money to aid it in record losses, and the figure has been loosely set at $35 billion dollars. In the meantime, Moffet a former Carlyle Group executive has announced that he will be resigning his post as CEO, a move that may encourage greater financial aid as policy changes are made within the company.  Moffett came on board when Freddie Mac came under government conservatorship since September after it and sister company Fannie Mae  ran up billions of dollars in losses and saw their portfolios suffer amid rising foreclosures and exposure to subprime mortgages

Freddie Mac spokespersons are denying rumors that Moffett was asked to leave his position, claiming it was voluntary on the past of the CEO.


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