Freddie Draws $6.1B From Treasury; Might Have New CEO Nominee

Posted by Orb Staff on July 01, 2009 No Comments
Categories : Residential Mortgage

e Mac has reportedly landed on a successor for interim CEO John Koskinen, who took over the role when David Moffett unexpectedly resigned in March. The company's board has determined Charles E. ‘Ed’ Haldeman Jr. to be the leading candidate for the position, according to [link=http://online.wsj.com/article/SB124640615060676741.html][u]The Wall Street Journal[/u][/link], sourcing people familiar with the matter. The report comes on the heels of an [link=http://ir.10kwizard.com/files.php?source=1372][u]SEC filing[/u][/link] from the Freddie Mac that shows its regulator, the Federal Housing Finance Agency (FHFA), has requested $6.1 billion in funds from the Treasury to cover first-quarter losses. The FHFA and the Treasury Department would have to approve Haldeman following his formal nomination by the company's board. On Tuesday, Haldeman stepped down as chairman of Putnam Investment Management LLC, a unit of Boston-based money manager Putnam Investments. "This is a good time for me to advance to the next stage of my career,’ Haldeman said in a statement. Prior to serving as chairman, Haldeman was Putnam's CEO for five years, during which time he helped guide the company through a regulatory blitzkrieg that followed a trading scandal at the company. "He was an important element in a time when Putnam was under siege for poor performance and poor practices," mutual fund consultant Geoff Bobroff told [link=http://www.boston.com/business/articles/2009/07/01/charles_haldeman_retiring_as_putnam_chairman/][u]The Boston Globe[/u][/link]. "He started the reorganization of Putnam." SOURCES: Wall Street Journal, Boston Globe, Putnam Investmen

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