US names chairmen at Fannie Mae, Freddie Mac
The federal government has named chairmen to oversee beleaguered mortgage finance companies Fannie Mae and Freddie Mac, which were seized earlier this month.
By Agencies |
WASHINGTON: The federal government has named chairmen to oversee beleaguered mortgage finance companies Fannie Mae and Freddie Mac, which were seized earlier this month.
The Federal Housing Finance Agency said Tuesday it named John Koskinen as Freddie Mac's non-executive chairman. Koskinen, a corporate restructuring expert, spent two years directing planning for the ``Year 2000'' computer conversion, and also worked as the District of Columbia's chief administrator.
The housing agency also named Philip Laskawy, formerly head of accounting firm Ernst & Young, to the same role at Fannie Mae.
Earlier this month, Herbert Allison was named the new chief executive of Fannie, and David Moffett the new CEO of Freddie as part of the government's takeover of the two huge mortgage financing agencies. Fannie and Freddie own or guarantee about $5 trillion of the nation's outstanding mortgages, roughly half the nation's total.
``Both of these individuals have the types of skills and experience needed to ensure a healthy financial future for Fannie Mae and Freddie Mac,'' James Lockhart, the housing agency's director, said in a prepared statement.
The Federal Housing Finance Agency said Tuesday it named John Koskinen as Freddie Mac's non-executive chairman. Koskinen, a corporate restructuring expert, spent two years directing planning for the ``Year 2000'' computer conversion, and also worked as the District of Columbia's chief administrator.
The housing agency also named Philip Laskawy, formerly head of accounting firm Ernst & Young, to the same role at Fannie Mae.
Earlier this month, Herbert Allison was named the new chief executive of Fannie, and David Moffett the new CEO of Freddie as part of the government's takeover of the two huge mortgage financing agencies. Fannie and Freddie own or guarantee about $5 trillion of the nation's outstanding mortgages, roughly half the nation's total.
``Both of these individuals have the types of skills and experience needed to ensure a healthy financial future for Fannie Mae and Freddie Mac,'' James Lockhart, the housing agency's director, said in a prepared statement.
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