Ally executive to become Freddie Mac's finance chief

Reuters

By Peter Rudegeair

Sept 30 (Reuters) - Government-owned mortgage giant FreddieMac said on Monday it has named James Mackey, a topexecutive at Ally Financial Inc, as its chief financial officer.

Mackey will replace Ross Kari, who announced his retirementfrom Freddie Mac in December 2012, and will report to chiefexecutive officer Donald Layton.

Since June 2011, Mackey has served as Ally's finance chief. In a separate announcement, Ally announced that corporatetreasurer Christopher Halmy will succeed Mackey effectiveNovember 8.

Like Freddie Mac, Ally has operated for years under heavygovernment ownership, and Mackey's track record at a company ina similar situation to Freddie Mac will prove "extremelyvaluable" in his new position, Layton said in a statement.

Freddie Mac reported a $5.0 billion profit in the secondquarter, its second largest ever.

Lawmakers are currently debating proposals regarding how theU.S. government should exit its stake in Freddie Mac. A stakethe government has held since the financial crisis in September2008, when it rescued the failing mortgage finance company.

President Barack Obama urged Congress in an August speech tooverhaul Freddie Mac and its larger, sister company Fannie Mae,which own or guarantee more than half of all U.S. mortgages,though such a process would likely take years.

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