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November 06, 2011

Freddie Mac CEO to Step Down
The Federal Housing Finance Agency announced Wednesday that Freddie Mac CEO Charles E. Haldeman is stepping down from his post in the coming year. The agency, which oversees Freddie and her sister company Fannie Mae, did not offer an explanation for Haldeman's departure, and only had good things to say about him. A search for a new chief executive, according to the announcement, will get under way soon, and Haldeman will be an instrumental part of that search.

Between them, Fannie and Freddie own or guarantee more than 75 percent of the nation's mortgages. Haldeman assumed the Fannie Post in 2009, taking over for David Moffett, the temporary replacement for Richard Syron, who was removed when Fannie and Freddie were seized by government officials at the height of the mortgage meltdown.

The two agencies have cost taxpayers more than $141 billion in federal bailout assistance as officials have chosen to pump money into them. The FHFA has filed lawsuits against 17 of the nation's largest banks including Bank of America and the rest of the Big 5, trying to recover losses from the mortgage-backed securities.

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