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The likely departure of Herb Allison from Fannie Mae would leave both the mortgage titan and its main rival, Freddie Mac, scrambling to find new chief executive officers at a critical time in the government's efforts to revive the housing market.
Mr. Allison is expected to be nominated to run the financial bailout efforts at the Treasury Department, according to people familiar with the matter. Freddie already is headed by an interim CEO, John Koskinen, in the wake of the abrupt resignation in early March of David Moffett, who held the post for just six months.
Fannie and Freddie, the main providers of funding for home mortgages, are central figures in the Obama administration housing rescue plan, announced earlier this year. Under the plan, they're helping refinance loans for people with little or no equity in their homes, and seeking to revamp loans for others at risk of foreclosure.
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Also watch "Jim Rogers : Let the Fannie and Freddie go bankrupt" - watch here...
Jenny
Mr. Allison is expected to be nominated to run the financial bailout efforts at the Treasury Department, according to people familiar with the matter. Freddie already is headed by an interim CEO, John Koskinen, in the wake of the abrupt resignation in early March of David Moffett, who held the post for just six months.
Fannie and Freddie, the main providers of funding for home mortgages, are central figures in the Obama administration housing rescue plan, announced earlier this year. Under the plan, they're helping refinance loans for people with little or no equity in their homes, and seeking to revamp loans for others at risk of foreclosure.
Read more...
Also watch "Jim Rogers : Let the Fannie and Freddie go bankrupt" - watch here...
Jenny