DAVID KELLERMANN, the chief financial officer of FREDDIE MAC, the giant US mortgage lender and guarantor, was found dead today in an apparent suicide.
DAVID KELLERMANN, 41, apparently was found by his wife in their Virginia home.
Police were called to the KELLERMANNhome at 5am and officers later indicated that DAVID KELLERMANN had committed SUICIDE.
Last month FREDDIE MAC controversially paid 92 staff $100,000 or more in return for staying with the lender while it dug its way out of financial trouble.
DAVID KELLERMANN, the acting chief financial officer of troubled mortgage giant FREDDIE MAC was found dead in his Fairfax County home early this morning after apparently committing suicide, Fairfax police said.
DAVID KELLERMANN, 41, was a longtime FREDDIE MAC executive who joined the firm as an analyst in 1992. Police were called to his stately red brick home in the upscale Hunter Mill Estates subdivision shortly before 5 a.m., police spokesman Eddy Azcarate said. The call was made by someone inside the home, which is on a tree-studded corner lot in the 1700 block of Raleigh Hill Road.
Azcarate said DAVID KELLERMANN's body was found in the basement. There was no immediate information about whether he left a suicide note, or what may have prompted him to take his own life.
DAVID KELLERMANN was named acting chief financial officer of FREDDIE MAC last September, when the federal government seized Freddie Mac and ousted its top executives.
The company, along with sister company Fannie Mae, had made risky mortgage-related investments that were causing billions in losses. The two firms have received nearly $60 billion in government bailout funds.
FREDDIE MAC has been conducting a public search for a permanent chief financial officer.
Life has changed dramatically for FREDDIE MAC employees in the year since the housing market crashed and the economy entered a major downturn.
Once a high-flying finance company, the company has been transformed into a quasi-government agency, carrying out big parts of the Obama administration's housing recovery plan.
The companies were criticized on Capitol Hill earlier this month after outlining plans to pay $210 million in retention bonuses to 7,600 employees over 18 months. But the federal regulator who oversees the companies, James B. Lockhart, defended the proposed bonuses, saying those currently working at the companies "are an important part of the solution and not the problems of the past."
DAVID KELLERMANN, who lived in the 1700 block of Raleigh Hill Road, graduated from the University of Michigan and did graduate work at George Washington University. He was a volunteer board member of the D.C. Coalition for the Homeless.
As acting chief financial officer, DAVID KELLERMANN reported directly to the FREDDIE MAC's chief executive, according to a biographical profile posted on the company's Web site. DAVID KELLERMANN was responsible for the FREDDIE MAC's financial controls, financial reporting, tax, capital oversight, and compliance with federal oversight requirements, and also oversaw the company's annual budgeting and financial planning processes.
DAVID KELLERMANN previously served as senior vice president, corporate controller and principal accounting officer for FREDDIE MAC, the profile said.
FREDDIE MAC's government-appointed chief executive, David Moffett, quit last month after squabbling with the regulator about its tight grip on company affairs. DAVID KELLERMANN's temporary replacement is John A. Koskinen, who had been serving as FREDDIE MAC's chairman. No permanent successor has been named.
David Kellermann was named acting chief financial officer in September 2008. Kellermann is a member of the company's leadership team and reports directly to CEO David M. Moffett.
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 Sarbanes-Oxley. He also oversees the company's annual budgeting and financial planning processes.
Prior to this role, he served as senior vice president, corporate controller and principal accounting officer. In this position, his primary responsibility was to support the business with the production of timely, accurate, and well-controlled GAAP, fair value and segment earnings financial statements and external disclosures.
Before that, Kellermann served as the senior vice president and business area controller. As business area controller, he led the organization responsible for all accounting and finance for Freddie Mac’s lines of business.
Kellermann has been with Freddie Mac for more than 16 years. He began as a financial analyst/auditor in 1992, worked for several years in the company's securities sales and trading unit, and has served in a variety of positions in the company's capital markets division, most recently serving as vice president strategy execution and integration and the Investments and Capital Markets division controller.
He holds a M.S. in Finance from George Washington University and a B.S. in Political Science and Accounting from the University of Michigan. Kellermann is a volunteer board member of the D.C. Coalition for the Homeless.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
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