Industry News

Freddie Mac gets new SVP-controller

Troubled mortgage giant adds financial officer

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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 adminis...