Freddie Mac CEO David Moffett has submitted his resignation after running the troubled housing lender since only last September.
Moffett notified the chairman of the board that he plans to leave the company no later than March 13. Both Freddie Mac and the other government-sponsored housing enterprise, Fannie Mae, were taken over by the federal government last September after massive losses in connection with the mortgage crisis. The Freddie Mac board is working with the Federal Housing Finance Agency to appoint a successor. Freddie Mac is now under FHFA conservatorship and has already received $200 billion in federal bailout money.
Moffett indicated in his letter of resignation that he wants to return to a role in the financial services sector. He was previously a senior adviser to the private equity firm the Carlyle Group, and CFO of U.S. Bancorp. “I have enjoyed my time as CEO of Freddie Mac and I wish all the great employees the very best in the days to come,” he wrote.
