Charles Haldeman Jr., CEO of mortgage giant Freddie Mac, will resign by the end of the year, the organization said on Wednesday.

Freddie Mac, Fannie Mae and the Federal Housing Finance Agency, which oversees the two groups, will develop a succession plan.

Haldeman's departure comes as Freddie Mac is already replacing its non-executive board chairman, John Koskinen, with Christopher Lynch, as Bloomberg reported. Freddie Mac and Fannie Mae were bailed out by taxpayers and have needed over $170 billion in federal funding to overcome subprime mortgages. Haldeman was named CEO in July 2009 by Freddie Mac. 

Haldeman, known as Ed, short for his middle name Edgar, received degrees from Dartmouth College and an MBA and J.D. from Harvard. Before joining Freddie, he was chairman and CEO of Putnam Investment Management LLC, CEO of Delaware Investments and president and COO of United Asset Management. He was a partner and director at investment managing firm Cooke & Bieler, Inc.