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Freddie Mac Fires Executive VP

Posted on: June 29, 2010
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The Federal Home Loan Mortgage Corp. (Freddie Mac) has fired a high ranking official.

Freddie Mac said in a regulatory filing that Michael Perlman was relieved of his position as executive vice-president for operations and technology. He was in charge of overseeing mortgage origination and servicing, investment and capital markets operations, and information systems. Asked for comments, company officials declined to give more details about the “termination.” It also did not disclose information about Perlman’s severance package. Perlman has yet to comment on the dismissal as well.

Perlman’s last day on the executive job was Monday although he will stay on as an employee of the mortgage finance company for a few more weeks. He is expected to be on the payroll until August 2. Perlman, who used to work for Morgan Stanley as a managing director, was hired by Freddie Mac in 2007. He was a founding partner at AT&T Solutions’ financial services group before working for Morgan Stanley. He worked for the Washington, D.C. office of Deloitte & Touche LLP.

Freddie Mac also stressed that the decision to dismiss the official is still subject to the approval of the Federal Housing Finance Agency (FHFA). Freddie Mac has been under the conservatorship of the FHFA since 2008. The government took control of the McLean, Virginia, firm and Washington, D.C.-based Fannie Mae (Federal National Mortgage Association) after they nearly collapsed.

News of the firing sent the Freddie Mac’s shares slipping a little to $0.46.

Could this be the start of an overhaul of Freddie Mac and Fannie Mae’s high-ranking officials? Share your thoughts. Log in on our forums now or register with your email below.

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