Freddie Mac naming ex-ETrade head as new CEO

AP News
Posted: May 09, 2012 3:33 PM
Freddie Mac naming ex-ETrade head as new CEO

Mortgage giant Freddie Mac is naming the former head of E(asterisk)Trade Financial Corp. as its new CEO.

Donald Layton, 62, is expected to be named next Freddie's chief executive as early as this week, a person with direct knowledge of the matter said Wednesday. The person spoke on condition of anonymity because that person was not authorized to speak ahead of an announcement.

The Wall Street Journal reported earlier of Layton's expected appointment. Layton declined to comment.

Freddie CEO Charles E. Haldeman Jr. announced in October that he would resign this year.

The government rescued Freddie and sibling company Fannie Mae in September 2008 to cover losses on soured mortgage loans. Taxpayers have spent about $170 million to rescue them.