Wednesday, April 22, 2009

US FREDDIE MAC CHIEF FOUND DEAD

The acting chief financial officer of struggling US mortgage giant Freddie Mac has been found dead, police say.
Fairfax County Police said there was no foul play suspected in the death of David Kellermann, found in his home 20km (13 miles) west of Washington DC.
The 41-year-old had been Freddie Mac's chief financial officer since September, having worked for the company for 16 years.
Police did not confirm reports that he had committed suicide.
Mr Kellermann's job included responsibilities for the company's financial controls, financial reporting and tax.

He also oversaw the company's annual budgeting and financial planning processes, according to his company biography.
Freddie Mac and sister company Fannie Mae underwrite more than half of all US mortgages.
The death is the latest blow for Freddie Mac, after Chief Executive Officer David Moffett resigned last month after just six months in the job.
In March Freddie Mac revealed a loss of $50.1bn (£36.1bn) for 2008, and said it planned to ask the US government for another $31bn of aid.
The company received $13.8bn in federal aid last year.
BBC NEWS REPORT.

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