Freddie Mac losing its CEO, will ask for up to $35 billion more help[SIZE=-1]Freddie Mac is losing the CEO who came in to stabilize the mortgage giant.
David Moffett, who took the reins last year after the government took control of Freddie, announced that he will retire by March 13.
"We are very sorry to see David go," Freddie Chairman John Koskinen said in a statement. "He made valuable contributions to Freddie Mac as the company transitioned into conservatorship."
The resignation announcement also hinted that Freddie may need "an additional amount of approximately $30 billion to $35 billion" to keep going. Freddie, under the direction of the Federal Housing Finance Agency, has already received some $14 billion in emergency aid.
[/SIZE] [SIZE=-1]Subscribe now![/SIZE]
Subscribe to [SIZE=-1]ConsumerReports.org[/SIZE] for expert Ratings, buying advice and reliability on hundreds of products. [SIZE=-1]Update your feed preferences[/SIZE]