Industry NewsMortgage

Freddie Mac in search of CEO, $35 billion

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Freddie Mac is looking for a new chief executive officer, and an additional $30 billion to $35 billion in government purchases of the company's preferred stock. David Moffett, the former U.S. Bancorp executive who was named to lead the company in September after it was placed in government conservatorship, is resigning the job to "return to a role in the financial services sector." The company's board of directors is working with the Federal Housing Finance Agency (FHFA) to appoint a successor to Moffett, and will name an interim CEO by March 13 -- the latest date Moffett has set for his departure, Freddie Mac said. A Freddie Mac spokesman said Moffett was not asked to resign by FHFA or the Obama administration. The company's board will lead the process of selecting a new CEO, he said, working closely with FHFA and with final selection subject to approval by its regulator. Freddie Mac said it also expects FHFA will ask the Treasury Department to purchase an add...