Freddie Set To Name CEO, Source Says
Wednesday, July 1, 2009
Freddie Mac, the McLean mortgage finance giant under federal control, is preparing to name Charles E. Haldeman Jr. as its new chief executive, a source familiar with the matter said.
Haldeman stepped down yesterday as a top executive at Putnam Investments, a Boston mutual fund company.
Freddie Mac's board was impressed by Haldeman's efforts to restore compliance systems and bolster the culture at Putnam after regulators accused the company of inappropriate trading over several years starting in 1998, according to the source, who spoke on condition of anonymity because the decision has not been announced.
Haldeman's selection still must be approved by the Federal Housing Finance Agency, which oversees Freddie Mac and its District-based sibling, Fannie Mae. He would come in after a tumultuous period at the top ranks of Freddie Mac.
Since early this year, John Koskinen, a turnaround specialist and former Clinton administration official, has temporarily served as chief executive. He was formerly chairman of Freddie Mac's board and is expected to return to that position.
Koskinen replaced David Moffett, who had served as Freddie Mac's chief executive since September 2008. Moffett had disagreements with FHFA and left after six months to pursue more lucrative opportunities.
Both Koskinen and Moffett were tapped by FHFA and the Treasury Department after the government seized Freddie Mac and Fannie Mae as the mortgage crisis pummeled the companies' bottom lines.
The companies were thrown into further tumult when interim chief financial officer David Kellermann died this spring in what authorities said was a suicide. Moffett returned in a consulting role after the death.
The selection of Haldeman was reported last night on the Web site of the Wall Street Journal.