Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MCLEAN, VA-Accounting and administrative headaches at leading home and multifamily mortgage lender Freddie Mac have led to yet another hurdle for the company with the Office of Federal Housing Enterprise Oversight’s recent suggestion that CEO Greg Parseghian, who was elevated to the position from CIO in June amid the recent management changes, be given the boot.

It was just last month that Board of Directors chairman Shaun F. O’Malley came out in favor of Parseghian following the announcement that independent lawyers–investigating alleged accounting transgressions that caused three years of earnings statements to be off by anywhere from $1.5 billion to $4.5 billion–had concluded that the deposed leadership team had deliberately violated legal accounting procedures. “I want to say again that we have the right CEO in Greg Parseghian leading our business,” O’Malley explains in the prepared statement from July. “Greg is a person of considerable talent, deep expertise and unquestioned integrity and he is uniquely positioned to lead our drive toward the highest standards of financial reporting and disclosure.”

But that previously expressed position could be in for a change. Today, Freddie Mac issued the following statement in response to the new hoopla surrounding Parseghian: “We have been meeting with OFHEO Director [Armando] Falcon to learn his views, including concerns about members of current management as well as management structure. The Corporation is discussing ways to accommodate his concerns as well as the needs of Freddie Mac and its constituents. Beyond that, speculation as to the nature or timing of resolving OFHEO’s concerns is absolutely premature, as discussions are ongoing.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.