Freddie Mac CEO David Moffett announced today he is resigning effective next Thursday.
Moffett, who has been in the post since last September when the company went into conservatorship, gave no reasons for his resignation except to say he wanted to return to the private sector.
The mortgage buyer has been losing money as the value of its holdings has declined because of the collapse of the housing market. In the same release as it announced Moffett's resignation, the company said the agency that oversees the company-the Federal Housing Finance Agency–will draw $30 billion-$35 billion from its line of credit with the Treasury Department to offset some of its losses.
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Before joining Freddie, Moffett was a senior adviser at The Carlyle Group, a private equity firm and before that was chief financial officer of U.S.Bancorp.
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