Former President and Chief Operating Officer David Glenn, of the Federal Home Mortgage Corporation (Freddie Mac), undated photo. (AP)
Freddie Mac President Fired Amid Accounting Inquiry Story aired: Tuesday, June 10, 2003
The three men who ran Freddie Mac, the company that owns or guarantees more than a third of all U.S. residential mortgages, are looking for work today.
The president was fired and the CEO and the chief financial officer resigned yesterday amidst concerns about how little the company had been cooperating with federal investigators looking into accounting irregularities there.
The shakeup prompted some investors to move their money elsewhere in a housing market which has been almost single handedly propping up a sagging economy.
Guests:
Greg Ip, staff reporter for the Wall Street Journal.
