U.S. News

Freddie Mac Names Ex-ETrade Head as New CEO


Donald Layton, the former chief executive of brokerage firm ETrade Financial , will be the next CEO of Freddie Mac.

Freddie Mac CEO Charles Haldeman
Bloomberg | Getty Images

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.