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WASHINGTON — The chief executive of Freddie Mac and the corporation's general counsel are being replaced at the request of federal regulators as an investigation continues into the embattled mortgage giant's accounting practices. Armando Falcon, the head of the Office of Federal Housing Enterprise, said yesterday that based on a review of the conduct of senior Freddie Mac officials, he had recommended the removal of Freddie Mac Chief Executive Gregory Parseghian and General Counsel Maud Mater. Falcon said in a statement that he had concluded that the two officials "should be replaced." He said federal regulators would work with the...

Feds tell Freddie Mac to oust CEO Regulators push mortgage company to remove Parseghian over accounting scandal, news reports say. August 22, 2003: 9:24 AM EDT WASHINGTON (Reuters) - Federal regulators have told Freddie Mac it must remove Greg Parseghian as the company's chief executive due to his role in improper accounting practices at the U.S. mortgage finance company, according to reports published Friday. Citing sources, a report in the Washington Post said regulators from the Office of Federal Housing Enterprise Oversight (OFHEO) told Shaun O'Malley, the chairman of the company's board of directors, and at least one other director,...

<p>Federal regulators have told Freddie Mac's board of directors they must replace Gregory J. Parseghian as the company's chief executive because of his involvement in improper accounting practices at the mortgage lending giant during the past three years, sources said.</p> <p>Regulators from the Office of Federal Housing Enterprise Oversight told new board Chairman Shaun O'Malley and at least one other director, George Gould, at a meeting Wednesday that Parseghian, whom the board promoted in June in a management shakeup, had to step down.</p>

<p>On Wall Street, Freddie Mac's new chief executive, Gregory Parseghian, won quick praise as a financial pro who can restore credibility to the shaken mortgage behemoth.</p> <p>But it may well be in Washington, D.C., where the fate of Mr. Parseghian -- and of Freddie Mac -- is ultimately decided.</p>

BEFORE THE BELL-2: Freddie Mac Fires Op Chief; CFO Leaves Freddie Mac (FRE) shares were down after announcing management departures and bad news about earnings restatements early Monday. The mortgage-finance company's chief financial officer, Vaughn Clarke, will resign, and the company's chief operating officer and president, David Glenn, has been fired due to questions about his honesty to the company's audit committee counsel. Freddie Mac also said earlier restatements for fiscal 2000, 2001 and 2002 results will likely be completed by late in the third quarter. Shares fell to $50.60, down 15%, or $9.27, from their Friday close of $59.87....