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David B. Kellermann is VP of the mortgage portfolio investment process of Freddie Mac in McLean, Va.....responsible for managing and coordinating all aspects of mortgage portfolio activity including the business, financial reporting, tax, and other operational issues and risks with other affected areas within the company. He previously served as director of mortgage portfolio strategy with the company. He has been with Freddie Mac since 1992.

REFERENCE In early Feb 2009, the FBI told the Senate Judiciary Committee that 530 investigations of fraud are in place "directly related to the current economic crisis" Fannie Mae and Freddie Mac are on the target list.

OVERVIEW Government audits might expose Freddie Mac (and Fannie Mae) off-the-books bank accounts that were accessed solely by FMac/FMae insiders, and that government-funded activities were used in various illegal schemes that might have integrated:

(1) money laundering,

(2) tax evasion (stolen money is taxable),

(3) violations of US banking and currency laws,

(4) conspiracy to commit wire fraud,

(5) commercial bribery in various mortgage/real estate schemes,

(6) establishing secret offshore bank accounts outside the purview of the IRS and US banking laws,

(7) fraudulent and casual accounting practices,

(8) non-existent financial oversight.

http://www.humanevents.com/article.php?id=31155

GOP to Probe Links Between AIG, Obama, Dodd
by Connie Hair
03/20/2009

EXCERPT

Fannie Mae reported a loss of $58.7 billion for 2008 and has requested another $15.2 billion from the U.S. Treasury. Freddie Mac reported a loss of $50.1 billion for 2008, and has requested an additional $30.8 billion from the U.S. Treasury.

According to a report in USA Today, “In securities filings, Freddie said it will pay a retention award of $1.5 million to Executive Vice President Michael Perlman by March 2010. Perlman, whose base salary is $500,000, already collected $300,000 of his bonus. Interim CFO David Kellermann will get an $850,000 bonus, and Senior Vice President Michael May will get $700,000.”

“Kellerman had been under fire for financial irregularities at the home lending giant. Additionally, he has been criticized for taking a large bonus, while the Feds were injecting Mac with $ billions in taxpayer bail-out funds.”

*snip*

Reports of additional bailout negligence and mismanagement are rocking the Obama administration as lack of oversight has produced one big TARP mess after another, leaving Democrats running for cover.

There were more revelations yesterday of excessive executive bonuses from the mismanaged Fannie Mae and Freddie Mac, companies at the very heart of the current financial meltdown, and an announcement from Democrats in Congress that 13 of the financial firms receiving bailout money from taxpayers owe more than $220 million in unpaid back federal taxes.”

http://libertarianrepublican.blogspot.com/2009/04/freddie-mac-cfo-david-kellerman.html