Freddie Mac has chosen a senior vice president-controller and principal accounting officer, the mortgage giant said Tuesday.
James Egan will take the position effective April 3, 2006, the government-sponsored enterprise said.
Egan, 53, has been executive vice president and controller for MBNA America Bank. He will report directly to Martin Baumann, Freddie Mac’s executive vice president-finance and chief financial officer, Freddie Mac said.
As controller, Egan will be responsible for accounting policy, external reporting and financial disclosures, corporate accounting and analysis, internal controls and regulatory reporting.
Both Freddie Mac and its fellow government-sponsored enterprise, Fannie Mae, have been rocked by accounting scandals. In December 2004, Fannie Mae replaced Franklin Raines, its chairman and CEO, who announced he was taking early retirement, and Fannie Mae’s chief financial officer, Timothy Howard, resigned Dec. 21.
In early February of this year, the Bush administration said Congress should create a new regulator for Fannie Mae and Freddie Mac and direct it to cut the $1.4 trillion investment portfolios held by the government-sponsored enterprises.
“Jim brings outstanding credentials and experience to the Freddie Mac management team,” said Baumann. “His financial and regulatory experience make him an ideal fit. At Freddie Mac, as he did at MBNA, Jim will play a key role in Sarbanes-Oxley compliance efforts and financial reporting initiatives as we move toward and continue to serve our vital mission to make homeownership possible.”
Egan previously worked at U.S. Bancorp, First Chicago NBD Corp, Price Waterhouse and Grant Thornton.
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