Leland C. Brendsel, the former chairman and CEO of Freddie Mac, will pay $2.5 million in fines as part of a $16.4 million settlement with the Office of Federal Housing Enterprise Oversight over the accounting scandal that caused his ouster in 2003.

Brendsel will also relinquish his previously paid salary and bonuses of $10.5 million to Freddie Mac and waive claims against Freddie Mac for additional compensation valued at more than $3.4 million. The funds will be used to support initiatives and programs to keep distressed homeowners in their homes.

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