home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

GSE News | Fannie/Freddie Share Statistics
Fannie, Freddie and FHLB news. Coverage of government sponsored enterprise regulation, operations and litigation.

Big Shakeup at Freddie

GSE fires president

June 9, 2003


Freddie Mac fired president David Glenn Monday, amidst a flurry of executive rearrangements.

According to a press release, Glenn's firing was the result of the board's questioning of his "timeliness and completeness of his cooperation and candor with the Board's Audit Committee counsel."

That committee, the statement said, was formed in January of this year to "review the facts and circumstances surrounding the principal accounting errors identified during the restatement process." The statement said the committee will also review Glenn's firing.

Freddie will be restating earnings for 2002, 2001 and 2000. The company said, in this statement, that the restatement will likely "materially increase reported earnings for prior periods and materially increase the corporation's capital surplus under its regulatory minimum capital requirements as of the end of 2002."

The statement also said that the restatements would likely show "significant volatility" in the affected quarters and "relate substantially to changes in the timing of income recognition." According to the statement, "as a result, cumulative increases related to the adjustments will have offsetting effects in future periods." Freddie also predicted "increased volatility" in future earnings periods.

Gregory J. Parseghian, 42, will be replacing Glenn as president of Freddie. Parseghian will also serve as chief executive officer. Previously, he served Freddie as executive vice president-chief investment officer.

Replacing Glenn in the chief operating officer role will be Paul T. Peterson, previously the company's executive vice-president, Single Family. Peterson, 53, has been with Freddie for 14 years, the statement said.

Chief financial officer Vaughn Clarke resigned Monday as well, the statement said. He will be replaced by Martin F. Baumann, executive vice-president, Finance.

Baumann, 55, joined Freddie in March of this year, according to the statement. Previously he was a partner and deputy chairman of the World Financial Services Practice, the statement said.

"I am today assigning responsibility for our entire restatement effort to Marty Baumann, our new Chief Financial Officer, Parseghian said. "Marty's depth of experience and knowledge make him exactly the right person to get the job done."

Also, Freddie accepted the retirement of chairman and chief executive officer Leland C. Brendsel. The statement said that the company expects him to continue as chairman of the Freddie Mac Foundation.

Shaun F. O'Malley will serve as non-executive Chairman of the Board, according to the announcement. O'Malley, 67, has been on Freddie's Board since 2001 and heads the restatement process oversight committee, the statement said.

Anne Lineberry is MortgageDaily.com's editor. She previously worked as an online editor/producer for DallasNews.com and on the Metropolitan desk for the print edition of The Dallas Morning News. Email Anne at [email protected]

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders