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Ally executive to become Freddie Mac’s finance chief

Posted by: Admin | Posted on: September 30th, 2013 | 0 Comments

Mon Sep 30, 2013 5:58pm EDT

(Reuters) – Government-owned mortgage giant Freddie Mac (FMCC.OB) said on Monday it has named James Mackey, a top executive at Ally Financial Inc, as its chief financial officer.

Mackey will replace Ross Kari, who announced his retirement from Freddie Mac in December 2012, and will report to chief executive officer Donald Layton.

Since June 2011, Mackey has served as Ally’s finance chief. In a separate announcement, Ally announced that corporate treasurer Christopher Halmy will succeed Mackey effective November 8.

Like Freddie Mac, Ally has operated for years under heavy government ownership, and Mackey’s track record at a company in a similar situation to Freddie Mac will prove “extremely valuable” in his new position, Layton said in a statement.

Freddie Mac reported a $5.0 billion profit in the second quarter, its second largest ever.

Lawmakers are currently debating proposals regarding how the U.S. government should exit its stake in Freddie Mac. A stake the government has held since the financial crisis in September 2008, when it rescued the failing mortgage finance company.

President Barack Obama urged Congress in an August speech to overhaul Freddie Mac and its larger, sister company Fannie Mae, which own or guarantee more than half of all U.S. mortgages, though such a process would likely take years.

(Editing by Bob Burgdorfer)

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