Top official at US mortgage giant found dead

April 23rd, 2009 - 1:56 am ICT by IANS  

Washington, April 23 (DPA) One of the top officials at the troubled US mortgage lender Freddie Mac was found dead early Wednesday at his home in the Washington suburbs, according to police.
The death of David Kellermann, 41, who was the acting chief financial officer at the company, was under investigation and there were no signs of foul play, Fairfax County, Virginia, police officer Shelley Broderick told Bloomberg financial news service.

Broderick said other officers in the police force had received indications that Kellermann’s wife reported a suicide.

Freddie Mac was under a probe by US stock and financial regulators - the Securities and Exchange Commission - and the Justice Department for its accounting practices.

Freddie Mac and its sister company Fannie Mae have been taken over by the federal government last year amidst the plunging financial crisis prompted by millions of mortgages gone sour from questionable lending and securitisation practices.

Kellermann had worked with Freddie Mac since 1992 and was functioning as controller at the time of his death.

US Treasury Secretary Tim Geithner said that he and his department were “deeply saddened” by the news of Kellermann’s death.

The Federal Housing Finance Agency, with whom Fannie and Freddie have worked closely through the decades in making homes affordable for average Americans, said Kellermann had the “utmost ethical standards” and was an “inspiration to his staff”.

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