Freddie Mac fires COO

US government-sponsored mortgage financing company Freddie Mac has terminated the employment of its chief operating officer, David Glenn, it was announced today.

This was due to "serious questions as to the timeliness and completeness of his co-operation and candour with the board’s audit committee counsel, retained in January 2003 to review the facts and circumstances surrounding the principal accounting errors identified during the restatement process”, said Freddie Mac in a statement.

Earlier this year the company announced a restatement of its 2002, 2001 and 2000 financial results. “The company continues to work toward completing the previously announced restatement process and releasing its restated results shortly after the end of the second quarter of 2003. However, the restatement process may not be fully concluded until later in the third quarter,” said Freddie Mac.

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