Police Found Freddie Mac CFO Dead by Hanging

[JIDinPhilly]

http://abcnews.go.com/Business/Story?id=7399376&page=2

Police believe David Kellermann, 41, Killed Himself in HIs Virginia Home
By RUSSELL GOLDMAN, JACK DATE and ANN COMPTON
April 22, 2009

SHARE Law enforcement sources said David Kellermann, acting chief financial officer of mortgage company Freddie Mac, was found hanging in the basement of his Reston, Va., home, dead from an apparent suicide early this morning.

Virginia police say they found David Kellermann, acting chief financial officer of mortgage company Freddie Mac, hanging in the basement of his Reston home, dead from an apparent suicide early this morning.
(ABC News)The death was "an active investigation" and there were "no signs of foul play," Fairfax County police officer Sabrina Ruck said.

Local police said they were called to Kellermann's home at 4:48 a.m., but would not say who'd placed the call to 911.

Kellermann, 41, and a 16-year veteran of Freddie Mac, had been the company's CFO since September, after a government takeover of the company following the housing crisis.

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Freddie Mac had been criticized for reckless business practices that some argued contributed to the housing and financial crisis. The company is controlled by the government and owns or guarantees about 13 million home loans.

Related
Econo-cide: Financial Woes Turn DeadlyWorst Foreclosure Rates Found in 4 StatesUS Foreclosures up 24 Percent in 1st QuarterFreddie Mac and sibling company Fannie Mae, which together own or back more than half the home mortgages in the United States, have been hobbled by skyrocketing loan defaults and have received about $60 billion in combined federal aid.

Kellermann was named acting chief financial officer in September 2008, after the resignation of Anthony "Buddy" Piszel, who stepped down after the government takeover.


According to securities reports filed in March, Kellermman was to receive an $850,000 bonus.

Last summer, Kellermann owned 43,000 shares of Freddie Mac stock, worth about $395,000. As the company's stock plummeted from $9 a share last July to 80 cents or so this morning, he slowly sold off some shares, for pennies on the dollar. His holdings of 38,861 shares, as of April 11, were worth just $30,000, according to ABC News calculations of Security and Exchange Commission filings.

In filings with the SEC in March, Freddie Mac said it had entered into a pact with Kellermann and two other executives to protect them from liabilities and expenses in connection to any threatened or pending lawsuits. The agreement, which kicked in retroactively from the time of the government takeover, would not protect the officials from willful criminal misconduct.

Before he was named acting CFO, Kellermann served as senior vice president, corporate comptroller and principal accounting officer.

David Kellermann, the acting chief financial officer of Freddie Mac, was found dead at his home this morning in an apparent suicide, police said.
(ABC News)"We at FHFA are very saddened by the death of David Kellermann," said the Federal Housing Finance Agency, the government agency that oversees Freddie Mac, in a statement.

" For many years, we have known David as a person of the utmost ethical standards who was hardworking and knowledgeable in his field. As the Acting Chief Financial Officer of Freddie Mac during particularly challenging times, David was an inspiration to his staff and many others who were privileged to work with him. We extend our condolences to his family, friends and colleagues," the statement read.

Related
Fannie Mae CEO Named Treasury's Bank Bailout ChiefTreasury Under Fire For Handling of TARPMortgage Rescue: Where to Get HelpKellermman, a graduate of the University of Michigan and the George Washington University School of Business, was married with one daughter.


Friends and neighbors said they were shocked to learn of the man's death.

"This is a solid salt of the earth kind of family and guy, and I just cannot imagine what has occurred," said neighbor Tom Ungar. "I mean, I understand the economy, I understand what's gone on with those companies, but I just can't imagine what would have driven him to that."

ABC News's Tom Giusto and Scott Mayerowitz contributed to this report. The Associated Press contributed to this report.

[Steven Dzupin]

Dead Men tell no tales !

[Paradigm]

Clearly we need a ban on assault rope. I'd also call for limiting rope to pieces no more than five feet long, restricted to one piece per month.

I don't want to hear from any of you pro-rope extremists out there, either!

[Mr_Anderson]

How many people killed themselves during the stock market crash of the 1920's? To be honest I am surprised we have not heard of more people doing this kind of thing

[camper]

How many people killed themselves during the stock market crash of the 1920's? To be honest I am surprised we have not heard of more people doing this kind of thing

You have. The lawyer who killed his family in maryland, the couple who killed themselves and their family in Cali...there are lots, they're just spun by the anti-gun crowd to give them ammunition to wage their war against the 2nd ammendment.

Because in their eyes the only reason people kill themselves or others, is because guns make them do it.

camper

[Mr_Anderson]

You have. The lawyer who killed his family in maryland, the couple who killed themselves and their family in Cali...there are lots, they're just spun by the anti-gun crowd to give them ammunition to wage their war against the 2nd ammendment.

Because in their eyes the only reason people kill themselves or others, is because guns make them do it.

camper

+1
You might have a point there.

[adymond]

How many people killed themselves during the stock market crash of the 1920's? To be honest I am surprised we have not heard of more people doing this kind of thing

You are assuming he actually killed himself. I am wondering what he knew that we don't that he either did kill himself or some one wanted us to think he did.

[Chainsaw]

Suicide huh? ORLY...

[Paradigm]

You are assuming he actually killed himself. I am wondering what he knew that we don't that he either did kill himself or some one wanted us to think he did.

Well, if he would have been found in Ft. Marcy Park, it would have been a *tad* suspicious. I don't know how they do things "Chicago style"...

[Guns4Fun]

You are assuming he actually killed himself. I am wondering what he knew that we don't that he either did kill himself or some one wanted us to think he did.

Yep, it is sad for his family and all -- but that was the first thing I thought of when they announced his "suicide" yesterday.

Maybe O and Tim geithner made arrangements with some of the Clinton's old associates and let them use their bag o tricks on this guy.