Mclean, Va. (July 13, 2004) -- Troubled mortgage finance giant Freddie Mac has appointed former KPMG partner Stan Martin as senior vice president and general auditor.

Martin had served as interim general auditor since February. In his role as senior vice president and general auditor, he will be responsible for Freddie Mac's internal audit organization, for assessing risks to the organization, and for providing independent, objective assurance and advice. He reports directly to the audit committee of the board.

Commenting on the appointment, Freddie Mac chairman and chief executive Richard F. Syron said that Martin's "significant financial, management and banking experience will be an asset as we continue to build our internal controls."

Freddie Mac has been plagued by accounting problems that forced it to restate earnings for 2000 to 2002 by $5 billion.

Martin spent the majority of his 30-year career with KPMG, where he served as the Securities and Exchange Commission reviewing partner. He also served as office managing partner, Southeast area partner-in-charge of real estate, and partner-in-charge of the Florida financial services practice. Most recently, Martin was a consultant to HSBC Bank USA on integration and divestiture matters. Prior to that, he worked for Republic New York Corp. as chief financial officer and executive vice president.

-- WebCPA staff

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