Baumann Resigns as CFO of Freddie Mac

McLEAN, Va. – Martin Baumann, executive vice president of finance and chief financial officer who was instrumental in helping Freddie Mac complete its earning restatement and release its 2003 and 2004 financial results on an improving timeline, resigned from the housing government sponsored enterprise on March 22. Freddie Mac’s President and Chief Operating Officer Eugene McQuade assumed the responsibilities of chief financial officer effective immediately while the company conducts a search for Baumann’s successor. Baumann had been with Freddie Mac since 2003 as the company’s executive vice president for finance. He was brought on as part of the executive leadership changes Freddie Mac made that year in the wake of its accounting mismanagement scandal and the eventual restatement of its 2000, 2001 and 2002 financial results. Baumann was named chief financial officer in June 2003.