Freddie Mac named John A. Koskinen as interim chief executive effective upon the resignation of current CEO David Moffett.
The move comes after last week's announcement that Moffett would resign no later than Friday as he looked to return to a job in the financial-services sector. Moffett took over as CEO in September as the Treasury Department and Federal Housing Finance Agency put Freddie and Fannie Mae into conservatorship to prevent their potential bankruptcy. Before that, he served as chief financial officer at U.S. Bancorp.
Freddie's shares were up 4.7% at 44 cents in premarket trading. The stock is off 42% so far this year and has lost 98% of its value since June.
Koskinen has served as chairman of Freddie Mac since September. He will be replaced in that post by Robert F. Glauber.
Before joining Freddie's board, Koskinen was president of the U.S. Soccer Foundation for four years and deputy mayor and city administrator of Washington from 2000 to 2003. Prior to his government service, he served as CEO of the Palmieri Co. and participated in the restructuring of several large, troubled entities.
Glauber joined Freddie's board in 2006. Before that, he served as chairman and CEO of the National Association of Securities Dealers from 2001 to 2006.
Freddie's board is continuing to work with the company's conservator to appoint a permanent CEO. Once one is named, Koskinen will return to the position of chairman.
Freddie and Fannie have been kept busy in recent months coming up with programs to stem the tide of foreclosure and help rework existing home loans to keep homeowners in their homes.