Updated April 22, 2009
Freddie Mac CFO Found Dead of Apparent Suicide
FOXNews.com
The acting chief financial officer of Freddie Mac was found dead in his home Wednesday morning of an apparent suicide, Fairfax, Va., police have confirmed to FOX News.
The acting chief financial officer of Freddie Mac was found dead in his home Wednesday morning of an apparent suicide, Fairfax, Va., police have confirmed.
Kellermann, a 16-year veteran of the mortgage loan guarantor, was discovered by his wife, who found him in the basement. The two have a young daughter.
Fairfax police spokeswoman Mary Anne Jennings said police were called to the Northern Virginia home outside Washington, D.C., in the early morning hours. A call came in at 4:48 a.m. ET.
Kellermann, 41, was named acting chief financial officer in September 2008 and was a member of the company's leadership team reporting directly to CEO David M. Moffett, who resigned last month.
FOX Business Network confirmed that investigators from the Securities and Exchange Commission and Justice Department have been questioning officials of Freddie Mac about possible accounting violations and other matters in recent months.
An SEC official told FOX Business Network that Kellermann had been involved in the company's accounting for many years but would not speculate on any connection between the investigation and Kellerman's death.
Doug Duvall, a spokesman for Freddie Mac, told FOX News that the company "knows of no connection between this personal tragedy and the ongoing regulatory inquiries discussed in our recent SEC filings."
Click here to listen to FOX Radio's Todd Starnes
Sources said Kellerman had a reputation at Freddie Mac as "the answer man."
"Kellermann was a behind-the-scenes guy who never showed up on anyone's radar until he was appointed (acting) CFO last September. He had a reputation of being a straight shooter with high ethical standards," said Guy Cecala, publisher of Inside Mortgage Finance, a mortgage trade publication that covers Freddie Mac.
Freddie Mac Interim CEO John Koskinen issued a statement Wednesday that the "Freddie Mac family is truly saddened" by the news.
"David was a man of great talents. ... His extraordinary work ethic and integrity inspired all who worked with him. But he will be most remembered for his affability, his personal warmth, his sense of humor and his quick wit. David was a friend to many in the Freddie Mac family, and we mourn his passing," Koskinen said.
According to his biographical information, as acting chief financial officer, Kellermann "is responsible for the company's financial controls, financial reporting, tax, capital oversight and compliance with the requirements" of congressional legislation known as the Sarbanes-Oxley Act of 2002. That law was a response to financial scandals like Enron and was intended to make corporate boards more accountable.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets by guaranteeing loans to what is now 3 million homebuyers. It has been in the center of the mortgage meltdown along with Fannie Mae, requiring $60 billion in federal funding to secure bad loans. The government took over the two government-sponsored enterprises in hopes of preventing further fallout.
Kellermann joined Freddie Mac in 1992, worked for several years in the company's securities sales and trading unit, and has served in a variety of positions, including as a vice president for strategy execution and integration and the Investments and Capital Markets division controller.
FOX Business Network's Peter Barnes contributed to this report.
Latest Politics Videos
-
-
Dr. Congress
-
Nov 22, 2009
Bill would mandate H1N1 sick days
-
-
-
Chris Chocola on 'FNS'
-
Nov 22, 2009
One of the generals in GOP's civil war
-
-
-
Panel Plus: 11/22
-
Nov 22, 2009
'FNS' panel on health care, rationing
-
-
-
On This Day: 11/22
-
Nov 22, 2009
The assassination of JFK
-
-
-
Eventful Trip?
-
Nov 21, 2009
Did Obama make any news in Asia?
-
-
-
Bogus Numbers
-
Nov 21, 2009
Media cracks down on 'saved jobs' numbers
-
Real Clear Politics Poll
| Job Approval | Approve | Disapprove | Spread |
| Obama | 50.6% | 43.4% | +7.2% |
| Congress | 27.0% | 64.3% | -37.3% |
| Direction of Country | Right Direction | Wrong Track | Spread |
| RCP Average | 38.0% | 57.2% | -19.2% |
Most Active In Politics
Most Read
Most Commented
-
House Passes Health Care Bill
November 08, 2009 1,132 comments
-
Health Care Bill Moves Toward Senate Debate
November 22, 2009 971 comments
-
AP Turns Heads for Devoting 11 Reporters to Palin Book 'Fact Check'
November 18, 2009 855 comments
-
Comment Box: Send Us Your Findings on Health Care Reform
November 19, 2009 816 comments
-
Obama: 'Dont' Jump to Conclusions' on Fort Hood Shooting
November 06, 2009 615 comments
-
Strains in Party Threatens Democrats
November 20, 2009
-
U.S. Enlists Allies in New Surge
November 22, 2009
-
Obama Seeks to Boost U.S. Exports
November 22, 2009
-
California's Newsom Faces Headwinds
November 20, 2009
-
White House Seeks Broad Climate Plan
November 20, 2009
-
Alas, it’s the end of the road for petrolheads
November 22, 2009
-
A gross insult to the people of Europe
November 22, 2009
-
Rule the waves? Not any more we don’t
November 22, 2009
-
They’re still wriggling to avoid the flak on Iraq
November 22, 2009
-
Copenhagen will fail – and quite right too
November 22, 2009



recommend

Subscribe to Comments






