May 11, 2012 by Coester

Donald Layton, the former chief executive of brokerage firm E*Trade Financial Corp, will be the next CEO of Freddie Mac.

The government-controlled mortgage company says Layton will take over the top job on May 21. He will succeed Charles E. Haldeman Jr., who announced last fall that he would resign as CEO this year.

Layton, 62, spent 30 years working at JPMorgan Chase and its predecessor companies. He also was a senior adviser to the Securities Industry and Financial Markets Association, Wall Street’s biggest lobbying group.

The government rescued Freddie and sibling company Fannie Mae in September 2008 to cover losses on soured mortgage loans. Taxpayers have so far spent about $170 million to rescue the companies, the largest bailouts of the financial crisis.

Freddie, based in McLean, Va., and Washington-based Fannie own or guarantee about half of all U.S. mortgages, or nearly 31 million home loans worth more than $5 trillion. Along with several federal agencies, they backed nearly 90 percent of new mortgages over the past year.

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  1. Its so EASY to make bailouts when you skip a decimal point. I’ll take that deal!

    Comment by marshall Murphy — May 11, 2012 @ 4:01 pm

  2. That’s $170 BILLION not Million you dolt!

    Comment by WDC — May 11, 2012 @ 4:27 pm

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