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Regulator May Force Out Freddie Chief

Aug 22, 2003 | www.ft.com

Freddie Mac, the giant US mortgage financing agency, on Friday said it was holding talks with its regulator after newspaper reports that it had been told to remove its chief executive.

Gregory Parseghian, former chief investment officer, was made chief executive in June after the second-largest US mortgage agency parted company with three top executives over an accounting scandal.

Mr Parseghian was absolved of wrongdoing by an independent report on the scandal, which found that the former executives had misled the board over the use of some complex transactions used to achieve the impression of steady earnings growth.

James Doty, the former SEC general counsel who led the probe, said at the time that Mr Parseghian was involved in some of the transactions, but was unaware they did not comply with accepted accounting principles.

However, The Washington POst reported on Friday that the Office of Federal Housing Enterprise Oversight had told Shaun O'Malley, and at least one other director, that Mr Parseghian had to step down because of his role in the transactions.

Freddie said on Friday: "We have been meeting with OFHEO Director Falcon to learn his views, including concerns about members of current management as well as management structure. The Corporation is discussing ways to accommodate his concerns as well as the needs of Freddie Mac and its constituents. Beyond that, speculation as to the nature or timing of resolving OFHEO's concerns is absolutely premature, as discussions are ongoing."


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