09:12 AM
Connect Directly

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 Oct. 14, 2014
Bank Systems & Technology's new Must Reads is a compendium of our best recent coverage of customer analytics. Learn what big data means for banks, meet Wells Fargo CDO Charles Thomas, find out how to connect with your Gen Y customers, and more.
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.