Washington, D.C. – Armando Falcon, Jr., Director of the Office of Federal Housing Enterprise Oversight (OFHEO), announced today that OFHEO has entered into a consent order with David W. Glenn, former Vice Chairman, President and Chief Operating Officer of Freddie Mac.
With this consent order (attached) in lieu of an OFHEO enforcement action, Mr. Glenn agrees to cooperate fully with OFHEO’s special examination, pay a civil money penalty of $125,000 and is precluded from serving in any capacity at Freddie Mac or Fannie Mae. Glenn has been terminated for cause from Freddie Mac and, as a result, will lose approximately $13-million dollars.
“This consent order represents a significant development in OFHEO’s ongoing examination of Freddie Mac’s accounting and management practices. I anticipate that Mr. Glenn’s cooperation will be valuable to our investigation,” Director Falcon said.
Corinne Russell (202) 649-3032