October 26, 2011 / 6:52 PM / 8 years ago

Freddie Mac CEO to resign, regulator says

Ed Haldeman, CEO of Freddie Mac, speaks at Boston College's Chief Executive's Club of Boston luncheon in Boston, Massachusetts October 26, 2011. REUTERS/Brian Snyder

WASHINGTON (Reuters) - Freddie Mac’s chief executive, Charles E. “Ed” Haldeman Jr, will step down by the end of the year, the regulator of the company said on Wednesday.

The Federal Housing Finance Agency, which also oversees Fannie Mae, said it will work with the board at Freddie Mac on developing a succession plan to fill the position.

FHFA Acting Director Edward DeMarco said in a statement that Haldeman will remain on board at Freddie Mac until a new CEO is hired.

Freddie Mac and Fannie Mae have absorbed about $141 billion in taxpayer funds to stay afloat since being taken over by the government in 2008 during the subprime lending collapse.

Haldeman, speaking to reporters in Boston earlier today, was noncommittal when asked how long he intended to stay on at Freddie.

“As to my tenure, I am 63, and there will be some day when my tenure will come to an end,” Haldeman told reporters in Boston after a speech to the Boston College Chief Executives’ Club.

According to Freddie Mac, Haldeman was hired in July 2009 to help the company emerge from a “challenging economic environment” and to provide leadership while bringing stability to the housing market.

Reporting by Margaret Chadbourn; Additional reporting by Scott Malone in Boston; Editing by Padraic Cassidy

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