Freddie Mac Names Donald Layton as New CEO

Freddie Mac has picked a former JPMorgan Chase executive as its new chief executive officer.  The corporation announced late Thursday that Donald H. Layton will assume that position effective May 21, replacing Charles E. "Ed" Haldeman, Jr., who had announced his attention to step down last October.

Layton worked at Chase and its predecessor institutions for 30 years, rising to vice chairman and member of the three-person Office of the Chairman before retiring in 2004.  He has also been CEO of E*TRADE Financial and is a member of the board of several financial services firms. According to a press release from Fannie Mae, Layton was responsible for Chase's worldwide capital markets and trading activities and supervised the bank's investment portfolio for many years.

Layton also served as senior advisor to the Securities Industry and Financial Markets Association and is chairman of the board of the Partnership for the Homeless, a nonprofit dedicated to reducing homelessness in New York City.  He earned simultaneous Bachelor and Master degrees in economics from the Massachusetts Institute of Technology and an MBA from Harvard Business School.

Christopher S. Lynch, Freddie Mac's non-executive chairman said, "Don brings strong executive leadership and a deep understanding of financial markets at a pivotal time for Freddie Mac. His operating experience, analytical rigor and boundless energy make Don the right leader to continue our important work of supporting the nation's housing market and helping America's families, and to guide Freddie Mac in helping build a stronger framework for the future of housing finance."

Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency, conservator of Freddie Mac said, "I am pleased that the Freddie Mac Board of Directors has selected Don Layton to become Chief Executive Officer (CEO) of Freddie Mac. With more than 30 years' experience in the financial services industry and a proven track record of leadership, Don brings tremendous knowledge to the CEO position. I look forward to working with him in achieving the goals of conservatorship."

DeMarco also expressed his appreciation for the retiring CEO, saying that Haldeman had worked closely with FHFA to strengthen the Freddie Mac organization and establish the foundation to build a new infrastructure for the country's secondary mortgage market.