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UPDATE 1-Freddie Mac COO Witherell resigns
February 10, 2011 / 4:45 AM / 7 years ago

UPDATE 1-Freddie Mac COO Witherell resigns

* Resignation effective immediately -filing

* Witherell will not receive any termination benefits

NEW YORK, Feb 9 (Reuters)- Freddie Mac said its Chief Operating Offier is resigning on Wednesday, effective immediately.

Bruce M. Witherell, who was named COO in Sept. 2009, is resigning for “personal reasons”, according to a filing with the U.S. Securities and Exchange Commission. He will not receive any termination benefits.

Witherell graduated from Carnegie Mellon University. Prior to joining Freddie Mac, he was a managing director and global co-head of Morgan Stanley’s residential mortgage business. He also previously worked at Lehman Brothers, First Boston Corp and Household Finance Corp.

Along with the Federal Housing Administration, Freddie Mac and Fannie Mae, which have taken more than $150 billion in direct taxpayer aid, are the government’s biggest props for the shaky mortgage market.

As soon as next week, the Obama administration is expected to unveil proposals for reworking the U.S. housing finance system, and in particular, weigh options for Freddie and Fannie, which were seized by the government during the financial crisis. (Reporting by Clare Baldwin; Editing by Anshuman Daga)

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