Pressure on Freddie Exec Was 'Relentless'

Colleagues say Kellermann lost weight, barely went home

By Jason Farago, Newser Staff

Posted Apr 23, 2009 5:53 AM CDT

(Newser) – The acting chief financial officer at Freddie Mac, who hanged himself yesterday, was working nonstop and had recently asked the company for a security detail, colleagues tell the New York Times. David Kellermann was struggling to balance the contradictory demands of investors, regulators, and lawmakers, and coworkers say he had lost weight and was returning home only to change clothes. On Tuesday, he requested and received a week's vacation, the Washington Post reports.

With the workload already crushing him and controversy swirling over plans to pay Fannie and Freddie executives $210 million in bonuses, Kellermann returned home one day to find camera crews parked outside. That led the CFO to request protective services for his family, fearing someone would attack his wife and 5-year-old daughter. "He had an incredible commitment to this company and trying to get the economy back on track," said one colleague. "It just doesn't make sense."

[Images (3)]

[Quotes (1)]

The home of David Kellermann, acting chief financial officer of mortgage giant Freddie Mac, is seen in Vienna, Va., Wednesday, April 22, 2009, after he was found dead at his home Wednesday morning. (AP PhotoLuis M. Alvarez)

An unidentified woman and man leave the home of David Kellermann, the acting chief financial officer of mortgage giant Freddie Mac, in Vienna, Va., Wednesday, April 22, 2009. (AP Photo/Luis M. Alvarez)

David Kellermann, the acting chief financial officer of mortgage giant Freddie Mac. Kellermann was found dead at his home Wednesday morning April 22, 2009 iin what police said was an apparent suicide. (AP Photo/Freddie Mac)

« Prev« Prev | Next »Next » Slideshow

Everyone in the financial sector, regardless of where you work, is constantly told both that this is our fault, and that we have to work as hard as possible, otherwise the nation will fall apart. - A Freddie Mac executive and colleague of David Kellermann

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

$26B Mortgage Settlement a 'Modest' Help: Experts

Many struggling homeowners not covered in deal

(NEWSER) - The $26 billion mortgage settlement announced yesterday will be a boon for some—but the terms of the deal leave many homeowners out in the cold. Recipients of loans owned by the Federal Housing Administration, for instance, won't directly benefit from the settlement; nor will those with mortgages held by private investors, the New York Times reports. Millions of Fannie Mae and Freddie Mac loans—about half of America's mortgages—aren't part of the plan, either. More»

White House: Let's Kill Fannie, Freddie

Obama administration wants to get out of the mortgage market

(NEWSER) - The Obama administration will propose dissolving Fannie Mae and Freddie Mac and reducing the federal government’s role in the mortgage market, sources tell the Wall Street Journal . The White House is set to release three plans for moving forward without the government-owned mortgage giants, which originated nine out of every 10 loans last year. Advancing all three plans might prevent an all-out partisan brawl between conservatives, who blame Fannie and Freddie for the financial crisis, and liberals, who say borrowing costs will skyrocket without government help, according to one former Obama treasury official. More»

Taxpayers Footed Fannie, Freddie's $160M Legal Bill

Americans spend $24.2 million to defend executives

(NEWSER) - Taxpayers have spent more than $160 million defending Fannie Mae and Freddie Mac in fraud lawsuits since the government took over the companies in 2008. The closely guarded cost was released last week after Rep. Randy Neugebauer requested the figures last year. Some $132 million of the total went to defend Fannie Mae, mostly over lawsuits and accounting probes that occurred before the subprime crisis; $24.2 million was spent on the defense of three of the mortgage firm’s ex-bosses, the New York Times finds. And the payments continue. More»

Home Repos Hit Recession High

US on track for 1M foreclosures this year

(AP) - Lenders took back more homes in August than any month since the start of the US mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, RealtyTrac said today. In all, banks repossessed 95,364 properties last month, up 3% from July and an increase of 25% from August 2009. More»

Md. Man Who Killed Family Was $460K in Debt

Father detailed mortgage, credit card woes in notes

(NEWSER) - The Maryland man who murdered his family before shooting and killing himself complained of his financial troubles in notes left at the scene, the Washington Post reports. Christopher Wood’s family was at least $460,000 in debt from two mortgages and credit card charges. The family owned a Florida home that had been foreclosed, police said. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Pressure on Freddie Exec Was 'Relentless'