Published On: Wed, Oct 26th, 2011

Freddie Mac CEO to Step Down

The chief executive of Freddie Mac announced that he will be stepping down next year, becoming the second CEO to resign from the mortgage-finance giant since it was taken over from by the U.S. government in 2008.

CEO Charles E. Haldeman Jr., 62, joined Freddie Mac as CEO just over two years ago.

Haldeman told the company’s board he planned to leave “sometime in the coming year,” according to a statement by Freddie’s federal regulator, as reported by Wall Street Journal.

Dozens of managers have left the mortgage company over the past two years – a trend that some have attributed to the stress of working for a company whose future is uncertain.

The government’s cost of the 2008 takeover and the weakened housing market has placed scrutiny on Freddie and its larger sibling Fannie Mae. The FHFA’s inspector general and several lawmakers have criticized decisions made by the mortgage company.

Current and former employees have complained that these events have led to a difficult work environment, in which decision making is often frustrated by second guessing.

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