Freddie Mac CEO to resign
Freddie Mac CEO Charles "Ed" Haldeman will step down some time in the coming year. Federal Housing Finance Agency Acting Director Edward DeMarco requested Christopher Lynch, the incoming chair of the Freddie board of directors and the current chair John Koskinen to work on a succession plan to Haldeman. Koskinen and Robert Glauber will step down from the board in February 2012 as they reach the mandatory retirement age. "Ed Haldeman has brought strong leadership to Freddie Mac," DeMarco said. "I appreciate his commitment to leadership stability during the upcoming transition." The FHFA said the board will begin the process of finding a successor shortly. Haldeman told the board and FHFA he would remain CEO until the transition took place. Haldeman joined Freddie in July 2009 after leaving the investment advisor firm Putnam Funds, where he was chairman for one year. He became CEO of Putnam in 2003 to reorganize the firm and improve policies after a series of probes into its business practices. He was brought in to do the same at Freddie Mac, which was taken into conservatorship in September 2008. "The search and selection of the successor is a very important next step for the GSE," said Kevin Brungardt, chair of Roundpoint Financial and former vice president of servicing at Fannie Mae. "The individual selected will be a glaring indicator of what the government plans for the future of the GSEs." Freddie declined to comment. Write to Jon Prior. Follow him on Twitter @JonAPrior.