Freddie Mac extends interim CEO Hutchins' tenure as search continues
Sept 19 (Reuters) - Mortgage finance firm Freddie Mac's FMCC.PK Michael Hutchins will remain in the roles of interim chief executive and president until a permanent CEO is appointed or until December 19.
The tenure extension, disclosed in a company regulatory filing on Friday, comes as the federal government-backed home mortgage firm searches for a permanent chief.
Recently, the Trump administration has indicated plans for initial public offerings of Freddie Mac and Fannie Mae later this year, marking a key milestone for the mortgage finance giants that have been under government control for years.
Fannie and Freddie were created by Congress to support the housing market by ensuring affordable mortgage financing, but crumbled after being severely bruised during the financial crisis.
They were bailed out with taxpayer funds, and the Department of Treasury received preferred shares in return, which paid billions of dollars in dividends over the years.
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