ESTATE


Freddie Mac acting CFO found dead
2009/04/22, 3:12 pm
Filed under: 1 | Tags: , ,

WASHINGTON, April 22 (Reuters) – David Kellermann, acting chief financial officer of mortgage giant Freddie Mac (FRE.P) (FRE.N), was found dead on Wednesday in his suburban Virginia home, a Fairfax County police spokeswoman said.

 

Police were called at 4:48 a.m. EDT (8:48 GMT) to Reston, Virginia, spokeswoman Lucy Caldwell told Reuters.

 

Local media reported that Kellermann’s wife called in an apparent suicide, but Caldwell did not elaborate on the cause of death. The incident is under investigation, she said.

 

Kellermann, 41, had worked with Freddie Mac for more than 16 years and was named acting CFO in September.

 

Shares of Freddie Mac slid 9.3 percent to 78 cents in premarket trade.

 

The U.S. government intervened last year to take over Freddie and rival mortgage finance company Fannie Mae as mounting losses on housing investments weakened their balance sheets and played a role in the U.S. housing and global credit crisis.

 

The two government-sponsored enterprises had a hand in about half of the entire U.S. mortgage market and were taken over in an effort to ward off further damage to the U.S. housing market.

 

According to Freddie’s website, Kellermann was responsible for the company’s financial controls, financial reporting, tax, capital oversight and compliance with the requirements of Sarbanes-Oxley accounting standards. He also oversaw the company’s annual budgeting and financial planning processes.

 

Before taking over as acting CFO, he served as senior vice president, corporate controller and principal accounting officer. (Reporting by Walden Siew; Editing by Doina Chiacu)

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2 Comments so far
Leave a comment

thanks for good post.

Comment by kasamaz

it sounds like Kellermann had a misguided sense of guilt about the whole Freddie Mac fiasco since he came into his position after the company was already well on the way to financial meltdown

Comment by Nomad




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