Wow! This really shocked me yesterday. The news was reporting that there were no signs of foul play. Yet all I could think about was the movie "The Godfather". When they put a 'hit' on somebody it was always a clean job. He's been working for Freddie Mac for 16 years. He was just named acting CFO 6 months ago when the government took over and ousted the former CFO. But to take your own life because the company is being investigated? I know the situation is bad, but come on now. I think it's more like he KNEW TOO MUCH and had to be AXED by the 'Powers That Be'! The Banksters are in control. I believe they made that quite clear with this incident. They have their dirty laundry lining the pockets of every damn politician in Washington! Fannie Mae and Freddie Mac are at the epicenter of this economic TSUNAMI! Please click HERE to read more details about David Kellermann's "suicide suspected" death and life. Freddie CFO Leaves Behind Wife and 5 year old Daughter. Why would they "suspect" suicide? It either is or it isn't. Hhhmmm... Click HERE to read the CNBC article regarding the accounting investigation.
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USA Today
written by Stephanie Armour
Thursday April 23, 2009
The death of Freddie Mac's acting chief financial officer heightens the turmoil at Freddie (FRE) and Fannie Mae (FNM) at a critical time when the two housing-finance giants are assuming larger roles in the Obama administration's housing rescue program.
David Kellermann, who became Freddie's CFO when the government took over Freddie and Fannie in September, was found dead Wednesday.
Both institutions have lost the CEOs the government installed last fall and have seen other high-level executive departures.
The federal conservatorships have meant less control, lower salaries and public criticism of executive bonuses. In April, the agencies came under fire for their plans to pay $210 million in retention bonuses to employees.
The two institutions also face the heavy burden of resuscitating the housing market. Under the Obama rescue plan, both agencies have been directed to modify millions of home loans and provide up to 5 million loan refinancings.
Fannie and Freddie hold or guarantee about half of the mortgages in the USA. They play a critical role in funding the mortgage market by buying mortgages made by banks and bundling them into securities to sell to investors.
But as more mortgages have defaulted, their losses have grown. The government has thrown them some financial lifelines. It has pledged up to $200 billion to each of them and has invested nearly $60 billion in their preferred shares since September.
Both agencies have said they may need more help. In March, Freddie announced a fourth-quarter loss of $23.9 billion. It has received about $45 billion in federal aid.
In addition, the Justice Department and the Securities and Exchange Commission have been investigating accounting, disclosure and corporate governance issues at Freddie since late last year. The SEC issued subpoenas for certain Freddie Mac documents in January and February, the company said in recent securities filings.
Freddie's top leadership has changed repeatedly since fall. The government ousted Freddie Mac CEO Richard Syron in September and his replacement, David Moffett, resigned last month. John Koskinen, a board member, was named interim CEO.
Please click HERE to continue reading the article...
The death of Freddie Mac's acting chief financial officer heightens the turmoil at Freddie (FRE) and Fannie Mae (FNM) at a critical time when the two housing-finance giants are assuming larger roles in the Obama administration's housing rescue program.
David Kellermann, who became Freddie's CFO when the government took over Freddie and Fannie in September, was found dead Wednesday.
Both institutions have lost the CEOs the government installed last fall and have seen other high-level executive departures.
The federal conservatorships have meant less control, lower salaries and public criticism of executive bonuses. In April, the agencies came under fire for their plans to pay $210 million in retention bonuses to employees.
The two institutions also face the heavy burden of resuscitating the housing market. Under the Obama rescue plan, both agencies have been directed to modify millions of home loans and provide up to 5 million loan refinancings.
Fannie and Freddie hold or guarantee about half of the mortgages in the USA. They play a critical role in funding the mortgage market by buying mortgages made by banks and bundling them into securities to sell to investors.
But as more mortgages have defaulted, their losses have grown. The government has thrown them some financial lifelines. It has pledged up to $200 billion to each of them and has invested nearly $60 billion in their preferred shares since September.
Both agencies have said they may need more help. In March, Freddie announced a fourth-quarter loss of $23.9 billion. It has received about $45 billion in federal aid.
In addition, the Justice Department and the Securities and Exchange Commission have been investigating accounting, disclosure and corporate governance issues at Freddie since late last year. The SEC issued subpoenas for certain Freddie Mac documents in January and February, the company said in recent securities filings.
Freddie's top leadership has changed repeatedly since fall. The government ousted Freddie Mac CEO Richard Syron in September and his replacement, David Moffett, resigned last month. John Koskinen, a board member, was named interim CEO.
Please click HERE to continue reading the article...
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