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Thread: Freddie Mac Acting CFO David Kellermann Found Dead

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[quote=MARRIE,364836]Jim Vogel, the head of agency debt research at FTN Financial in Memphis, Tennessee, wrote in a note to clients today that Kellermann had been “a standout” in Freddie’s accounting group prior to his appointment as CFO.

In 2003, Freddie restated three years of profit higher by $5 billion after fixing improper accounting the company used to reduce earnings volatility and make earnings growth more predictable. The restatement ending a yearlong review that led to the ouster of two chief executives, the president and CFO.

Kellermann wasn’t mentioned in a July 2003 report on the accounting issues by Baker Botts LLP, a law firm hired by Freddie’s board. Kellermann also wasn’t included in a December 2003 report by the company’s regulator that placed blame for the accounting misstatements on senior executives and directors.

Kellermann was promoted to oversee Freddie’s accounting policies in October 2006 as the company recovered from the accounting restatement. He stayed on after the government takeover in 2008, which led to the ouster of top executives including CEO Richard Syron. New CEO David Moffett left Freddie last month after six months on the job. The company has been run on an interim basis by Koskinen, who had been chairman.

Kellermann received a master’s degree in finance from George Washington University, after graduating from the University of Michigan. He was a volunteer board member with the D.C. Coalition for the Homeless, according to the Web site.

Fairfax County property records show Kellermann purchased the Vienna house in 1999. Its assessed value for 2009 was $898,440, the records show.

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