E*Trade Former CEO Layton Said to Be Choice to Lead Freddie Mac

Freddie Mac (FMCC) may announce this week that Donald H. Layton, former chairman and chief executive officer of E*Trade Financial Corp. (ETFC), will take over as head of the mortgage-finance company, according to a person familiar with the matter.

Layton will replace current CEO Charles E. Haldeman Jr., who is planning to retire this year. Layton, 62, didn’t return a telephone call seeking comment about the appointment, which was reported earlier by the Wall Street Journal.

Layton was chairman of the online brokerage from 2007 to 2009, and the company’s chief from 2008 to 2009. Before that, he was a vice president at JPMorgan Chase & Co. (JPM)

Freddie Mac and its larger rival Fannie Mae own or guarantee almost half of U.S. home loans. They have been sustained by Treasury Department aid since they were seized in September 2008 amid losses tied to defaults and foreclosures.

To contact the reporter on this story: Clea Benson in Washington at Cbenson20@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

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