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Troubled Lending Giant Told To Drop CEO

Aug 22, 2003 | UPI

Freddie Mac's board of directors reportedly has been told by federal regulators to replace Gregory J. Parseghian as the company's chief executive.

The order came down because of Parseghian's involvement in improper accounting practices at the mortgage-lending giant during the past three years, sources told the Washington Post.

"I can confirm that we have met with Freddie Mac and those discussions include discussions about current management," a spokesman for the Office of Federal Housing Enterprise Oversight said, declining to comment further.

Meetings between the regulators and the company's board continued Friday as they discussed possible replacements for Parseghian. Paul T. Peterson, who was promoted to chief operating officer in June, was mentioned as interim chief executive during a search for a permanent replacement.

Parseghian, 42, has generated controversy among some investors because of his role in approving and implementing some transactions that led to accounting errors of as much as $4.5 billion

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