Washington (Aug. 8, 2003) — Troubled mortgage-based securities specialist Freddie Mac hired former Securities and Exchange Commission director David Martin as an advisor on financial reporting matters.

Martin had previously served as the SEC’s director of corporate finance.

Freddie Mac, which sells mortgage-backed securities to investors, has come under investigation by federal regulators as a result of its having to restate its earnings by up to $4.5 billion.

Recently, Treasury Secretary John Snow recommended the Treasury Department assume oversight of both Freddie Mac and its sister company, Federal National Mortgage Association or Fannie Mae. Both are now regulated by the Office of Federal Housing Enterprise Oversight.

— WebCPA staff

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