Thu, Apr 23, 2009 - Page 11 News List

Freddie Mac official found dead at home in apparent suicide


The acting chief financial officer of US mortgage giant Freddie Mac was found dead at his home yesterday morning in what broadcast reports said was an apparent suicide.

WUSA-TV and WTOP Radio reported that David Kellermann was found dead in his Northern Virginia home. The 41-year-old had been Freddie Mac’s chief financial officer since September.

Sabrina Ruck, a Fairfax County police spokesman, confirmed that Kellermann was dead but could not confirm that he committed suicide.

Freddie Mac has been criticized heavily for reckless business practices that some argue contributed to the housing and financial crisis. Freddic Mac is a government-controlled company that owns or guarantees about 13 million home loans. CEO David Moffett resigned last month.

Freddie Mac and sibling company Fannie Mae, which together own or back more than half of the home mortgages in the US, have been hobbled by skyrocketing loan defaults and have received about US$60 billion in combined federal aid.

Kellermann was named acting chief financial officer in September after the resignation of Anthony “Buddy” Piszel, who stepped down after the government takeover.

The chief financial officer is responsible for the company’s financial controls, financial reporting and oversight of the company’s budget and financial planning.

Before taking the job, Kellerman served as senior vice president, corporate controller and principal accounting officer. He was with Freddie Mac for more than 16 years.

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