Compliance

09:12 AM
Connect Directly
RSS
E-Mail
50%
50%

Suicide Suspected in Freddie Mac CFO Death

David Kellermann, 41, found dead in a reported suicide.

David Kellermann, the acting chief financial officer of Freddie Mac, was found dead at his home Wednesday morning in what several media reports claim was an apparent suicide. Kellermann's wife reportedly told police his death was by suicide.

The 41-year-old had been with Freddie Mac for 16 years and was acting CFO since September—when the government nationalized it and the other government-sponsored enterprise that underwrote mortgage loans. Freddie Mac and Fannie Mae traditionally bought more than half of all U.S. mortgages originated. By the time they were nationalized they had combined debts exceeding $1.5 trillion on the $5T in mortgages that they owned or guarantee.

Both agencies mandated automated underwriting of the mortgage loans they bought, but that technology, espoused to improve credit quality, was not equal to deeper systemic problems with loan originations and securitizations.

David Moffett, CEO of McClean, Va.-based Freddie Mac resigned last month.

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology - August 2014
Modern core systems are emerging as the foundations of effective channel integration and customer engagement initiatives.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
New IT Models for New Financial Services Challenges