WASHINGTON, March 2, 2009
Freddie Mac CEO To Resign
David Moffett Stepping Down From Embattled Mortgage Giant
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(CBS)
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Fast Facts Fannie & Freddie A look at the government-sponsored siblings and their role in the mortgage market.
McLean, Va.-based Freddie Mac said Monday that David Moffett will step down as chief executive and leave the company's board of directors by March 13. Moffett, a former vice chairman of US Bancorp, has been CEO since September, when the government seized control of the mortgage finance company and its sibling Fannie Mae.
Freddie's said its board is working with the Federal Housing Finance Agency to appoint a successor to Moffett, who indicated in his letter of resignation that he wanted to return to the financial services sector.
The company's board chairman, John Koskinen, said in a statement that the company expects to pick an interim top executive by Moffett's departure date, adding that "we are very sorry to see David go."
The announcement comes just days after Fannie Mae said it needs $15.2 billion in government assistance and that it lost nearly $59 billion last year as the foreclosure crisis mushroomed.
Freddie Mac is expected to report its fourth quarter earnings early this month, and has already tapped almost $14 billion in government aid. The Treasury Department last month doubled its lifeline for Fannie Mae and Freddie Mac to $200 billion each.
Taken together, Fannie and Freddie own or guarantee almost 31 million home loans worth about $5.5 trillion. That's more than half of all U.S home mortgages.
© MMIX The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
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- May as well quit before the dollar becomes worthless. With all the bailout money going to pigs like AIG, GM, Bank of America and Chrysler, money won't be worth a warm bucket of spit. Got to let these outfits die, bury them, and make sure their employees never get a job anywhere again.
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- So how many millions will this clown take with him in severance?
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- CORRECTION THIS IS TO IMPORTANT TO MAKE A MISTAKE
The American Public has the idea that it was President Bushes fault for our economic troubles, but here are the facts:
Fannie Mae CEO calling Obama and the Dems the Family and Conscience of Fannie Mae
http://www.youtube.com/watch?v=usvG-s_Ssb0&NR=1
Clinton administration?s Bank Affirmative Action
http://www.youtube.com/watch?v=ivmL-lXNy64
Fannie Mae testimony Saturday, September 27, 2008
YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=related
1999 NY Times Article Revealed True Cause of Current Fannie Mae Crises
By P.J. Gladnick
September 25, 2008 - 15:25 ET
http://newsbusters.org/blogs/p-j-gladnick/2008/09/25/1999-ny-times-article-revealed-true-cause-current-fannie-mae-crises
This is probably an article that the New York Times wishes it didn't have in its archives because it reveals the true culprits behind the current Fannie Mae meltdown.
Fannie Mae Eases Credit To Aid Mortgage Lending
By Steven A. Holms
Published: September 30, 1999
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1 - Reply to this comment
- The American Public has the idea that it was President Bushes fault for our economic troubles, but here are the facts:
Fannie Mae CEO calling Obama and the Dems the Family and Conscience of Fannie Mae
http://www.youtube.com/watch?v=usvG-s_Ssb0&NR=1
Explosive_Video__Fannie_Mae_CEO_calling_Obama_and_the_Dems_the__quot_Family_quot__and__quot_Conscience_quot__of_Fannie_Mae.mpg
Clinton administration?s Bank Affirmative Action
http://www.youtube.com/watch?v=ivmL-lXNy64
EVIDENCE_FOUND____Clinton_administration_s__quot_BANK_AFFIRMATIVE_ACTION_quot__They_forced_banks_to_make_BAD_LOANS_and_ACORN_and_Obama_s_tie_to_all_of_it___.mpg
Fannie Mae testimony Saturday, September 27, 2008
YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=related
1999 NY Times Article Revealed True Cause of Current Fannie Mae Crises
By P.J. Gladnick
September 25, 2008 - 15:25 ET
http://newsbusters.org/blogs/p-j-gladnick/2008/09/25/1999-ny-times-article-revealed-true-cause-current-fannie-mae-crises
This is probably an article that the New York Times wishes it didn't have in its archives because it reveals the true culprits behind the current Fannie Mae meltdown.
Fannie Mae Eases Credit To Aid Mortgage Lending
By Steven A. Holms
Published: September 30, 1999
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1 - Reply to this comment
