In addition to disclosing that it has appointed a new president, the Federal Home Loan Mortgage Corp. has revealed that its current chief executive officer will be leaving. The domino effect impacts its multifamily business.

Freddie Mac CEO Donald H. Layton has informed the company’s board of directors that he plans to retire in the second half of next year, a news release Wednesday said.

Layton, 68, took on the CEO role in May 2012. During his time at the helm, he "has played an indispensable role in transforming Freddie Mac," Freddie Mac Chairman Christopher S. Lynch said in the statement.

Source: Mortgage Daily