NEW YORK (AP) —
The McGraw-Hill Cos. said Monday it named former Freddie Mac chief executive Charles E. Haldeman Jr. to its board.
The addition of Haldeman, which was effective Monday, increases the number of directors on the New York-based publishing company's board to 13.
Haldeman, 63, served as Freddie Mac's CEO until May of this year, after announcing plans to step down last fall.
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.
Haldeman joined Freddie a year after the government stepped in and is credited with stabilizing the company by putting in place new management, cutting costs and improving loan quality, McGraw-Hill said.
Freddie and 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.
Before joining Freddie Mac, Haldeman was chairman of Putnam Investment Management LLC and previously served as its president and CEO, McGraw-Hill said.
McGraw-Hill shares fell 12 cents to $44.88 in afternoon trading.
- Freddie Mac