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Wednesday, April 22, 2009

Freddie Mac CFO Found Dead of Apparent Suicide

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.

Kellermann, a 16-year veteran of the mortgage loan guarantor, was reportedly discovered by his wife.

Fairfax police spokeswoman Mary Anne Jennings said police were called to the Northern Virginia home outside Washington, D.C., in the early morning hours. He was found in his basement.

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.

According to his bio, 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.

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.

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