Freddie Mac CEO to step down

Charles E. "Ed" Haldeman, Jr., has announced his plans to step down as chief executive officer of mortgage giant Freddie Mac sometime in the next year.

The Federal Housing Finance Agency (FHFA), which regulates Freddie and its counterpart Fannie Mae, announced Wednesday that Haldeman is looking to leave the government-sponsored enterprise some time next year.

However, he has also agreed to stay on board as Freddie's top executive until a transition plan is in place.

"Ed Haldeman has brought strong leadership to Freddie Mac," said Edward DeMarco, the FHFA's acting director. "I appreciate his commitment to leadership stability during the upcoming transition."

Haldeman came to run Freddie during a historically tumultuous time for the entity, which provides the second most mortgage financing in the country. Freddie and Fannie had both been placed in federal conservatorship in September 2008, and Haldeman came to run the company in June 2009.

The two GSEs suffered heavy losses as a result of the subprime mortgage crisis, and have only been kept afloat by direct support from the federal government. Every since the financial crisis, lawmakers have been searching for a way to replace Fannie and Freddie with an alternative housing finance system.

Previously, Haldeman served as chairman of Putnam Investment Management, which is the investment arm of Putnam Funds.

The FHFA is consulting with members of Freddie's board of directors to develop a succession plan following Haldeman's departure.

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