The Real Deal Miami

Fannie, Freddie lacking leadership

April 24, 2009 02:00PM

Fannie Mae and Freddie Mac are
assuming larger roles in the Obama administration’s rescue program, but
have lost the CEOs the government installed last fall, and have seen
other high-level executives leave. Paul Miller, an analyst at FBR Capital Markets, said a reason for the
executive departures is that those who had taken on high-profile
positions after the government takeovers believed the agencies would become public companies in a year. The two institutions also face the
heavy burden of resuscitating the housing market, and they hold or
guarantee about half the mortgages in the country. Freddie Mac CFO David Kellermann was found dead in an apparent suicide Wednesday morning.