WASHINGTON — Less than six months after the government installed him as Freddie Mac's leader, the government-sponsored enterprise said Monday that David Moffett intends to resign as chief executive by March 13.
The resignation comes ahead of what is expected to be disappointing fourth-quarter earnings report, which should be released this month. Last week, Fannie Mae said it lost $25.2 billion during the quarter.
Freddie said Monday it still expects to draw between $30 billion and $35 billion from a line of credit at the Treasury Department.
In a press release, Freddie said Moffett is resigning to return to the financial services sector. The GSE did not immediately make a copy of his resignation letter available.
The decision leaves Freddie without a clear successor though John Koskinen, the chairman of the board of directors, said an interim CEO would be named by March 13.
"The board remains fully committed to ensuring the company continues its critical role in supporting the housing finance system during this difficult economic period," he said in the release.
James Lockhart, the director of the Federal Housing Finance Agency, which forced Fannie and Freddie into a conservatorship in September, thanked Moffett for his efforts.
"FHFA will work with the Freddie Mac board and management team to ensure a smooth transition and continuation of their important mission of supporting the housing market," Lockhart said in a press release.
Prior to joining Freddie, Moffett was the vice chairman and chief financial officer of US Bancorp. He succeeded Richard Syron, who was forced out of Freddie in the wake of the conservatorship.
