News release: “Freddie Mac today announced that its chief executive officer, David Moffett, has notified the chairman of the board of directors of his resignation from his position as chief executive and as a member of the board effective no later than March 13, 2009. The board of directors is working with the Federal Housing Finance Agency (FHFA) to appoint a successor to Moffett.”
New York Times: “The resignation came a few days after Freddie Mac said it needed at least $15.2 billion in government aid because it lost nearly $59 billion last year as the foreclosure crisis mushroomed. The company said on Thursday that it lost $25.2 billion, or $4.47 a share, in the fourth quarter, compared with a loss of $3.6 billion, or $3.80 a share, a year earlier.”
New York Times: Fannie and Freddie Are Unlikely to Be Restored: “Despite assurances that the takeover of Fannie Mae and Freddie Mac would be temporary, the giant mortgage companies will most likely never fully return to private hands, lawmakers and company executives are beginning to quietly acknowledge.”
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