Freddie Mac CEO Moffett Resigns After Six Months

peaceandlove · 03-07-2009, 06:34 AM

Freddie Mac CEO Moffett Resigns After Six Months

By Dawn Kopecki

March 2 (Bloomberg)

Excerpt:

Freddie reiterated today that it may ask for $30 billion to $35 billion in Treasury capital as the company, along with larger competitor Fannie Mae, struggle with deteriorating credit quality. Freddie, which has reported about $30 billion in losses over five quarters, may have troubles that run deeper than Moffett assessed when he took the job in September, said Paul Miller, an analyst at FBR Capital Markets in Arlington, Virginia.

“I think Moffett probably thought he would do this for a year or two years and would be able to take them public again and is finding out that’s not going to happen,” Miller said. “The companies are bigger messes than anyone anticipated six months ago. I’m sure there’s a laundry list of reasons why he left.”

Complete article: http://www.bloomberg.com/apps/news?p...B17WQ&refer=us

03-07-2009, 06:34 AM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Freddie Mac CEO Moffett Resigns After Six Months Freddie Mac CEO Moffett Resigns After Six Months By Dawn Kopecki March 2 (Bloomberg) Excerpt: Freddie reiterated today that it may ask for $30 billion to $35 billion in Treasury capital as the company, along with larger competitor Fannie Mae, struggle with deteriorating credit quality. Freddie, which has reported about $30 billion in losses over five quarters, may have troubles that run deeper than Moffett assessed when he took the job in September, said Paul Miller, an analyst at FBR Capital Markets in Arlington, Virginia. “I think Moffett probably thought he would do this for a year or two years and would be able to take them public again and is finding out that’s not going to happen,” Miller said. “The companies are bigger messes than anyone anticipated six months ago. I’m sure there’s a laundry list of reasons why he left.” Complete article: http://www.bloomberg.com/apps/news?p...B17WQ&refer=us