Two lobbyists lose jobs at Freddie Mac

Freddie Mac announced Friday it was laying off two of its top lobbyists in the wake of the financial crisis and the mortgage giant’s takeover this month by the government.

Lobbyists Tim McBride and Rob Zimmer are leaving the mortgage company, which has eliminated their positions, according to an e-mail from the company’s chief executive officer, David Moffett. McBride served as senior vice president for government and industry affairs, while Zimmer was vice president for federal government affairs.

{mosads}The e-mail noted that Freddie Mac’s government and industry relations division was ceasing all lobbing activities and is “being fundamentally repurposed, refocused and, as a result, reduced in size.”

It’s unclear whether the rest of Freddie Mac’s lobbying team is also being let go. In the second quarter of 2008, Freddie Mac reported $2.29 million in lobbying expenses, and listed eight registered lobbyists, including Zimmer and McBride.

One source familiar with the mortgage giant said it was repositioning itself as a government entity that would continue to have to work with Congress.

The e-mail said Jeff Markowitz, the company’s head of industry relations, would lead a new, reorganized government and industry affairs office. “It will serve a liaison function focused on the new business of Freddie Mac, not the politics — providing information and responding to inquiries from trade and industry groups, consumer organizations, housing groups and the like.”

The new office will report to Hollis McLoughlin, Freddie Mac’s senior vice president for external relations. Newsweek reported this week that McLoughlin approved that a $15,000 per month contract from Freddie Mac to a firm co-owned by Rick Davis, GOP presidential candidate John McCain's campaign manager, be continued through August, just before the government took over Freddie Mac.

The e-mail also noted a number of other retirements and departures by senior officials at Freddie Mac, which along with Fannie Mae has been at the center of a the mortgage crisis now threatening to cripple the U.S. financial system.

The e-mail read, “Tim and Rob are true professionals who provided dedicated service to Freddie Mac and made significant contributions. I know you join me in wishing them well.”

In a release, Moffett said he was “excited” about the changes and would position Freddie Mac to “best achieve the mission and goals of the company over the long term.”