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Senior Level Shakeup At Freddie Mac

Freddie Mac, the second biggest U.S mortgage finance company, has fired its president and COO over his apparent unwillingness to cooperate with an audit of the firm. Freddie Mac’s CEO and CFO were also fired this week.

McLean, Va.-based Freddie Mac, a government sponsored enterprise, fired President and COO David Glenn over "serious questions about the timeliness and completeness of his cooperation and candor with the board’s audit committee counsel," according to a statement from the firm.

The Office of Federal Housing Enterprise Oversight, the federal agency that oversees Freddie Mac, stated in a letter to Freddie Mac’s board that the management shake-up "only goes part of the way toward correcting serious problems." The OFHEA has dispatched a special team to look into Freddie Mac’s re-audit.

In January, Freddie Mac announced plans to restate its earnings for at least the previous two years after its new auditor advised that some changes in its accounting policies be made. Freddie Mac has named Gregory Parseghian, formerly chief investment officer since June 2002, as chief executive and president. Meanwhile, Shaun O’Malley, retired chair of Price Waterhouse LLP, became non-executive chairman.

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