Ally's James Mackey to become Freddie Mac's finance chief

September 30
9:48 PM 2013

On Monday, Freddie Mac introduced its new chief financial officer. The government owned mortgage giant appointed James Mackey to sit as its new chief financial officer. Mackey was formerly a top executive at Ally Financial Inc.

Mackey would replace Ross Kari who announced his retirement last December 2012. The new CFO would report to chief executive officer Donald Layton.

Mackey had served Ally Financial Inc. as the company's finance chief since June 2011. In a separate announcement, corporate treasurer Christopher Halmy would replace Mackey effective November 8.

Currently, lawmakers had been debating on how the government could exit its stake in Freddie Mac. Freddie Mac reported its largest profit ever of USD5.0 billion in the second quarter. The government had held a stake in the mortgage giant after it had rescued Freddie Mac during the financial crisis in September of 2008. US President Barack Obama urged Congress in August to overhaul Freddie Mac and sister company, Fannie Mae.

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