Embattled mortgage financing concern Freddie Mac said Eugene McQuade, its president and chief operating officer, will exit the company September 1. McQuade, a former executive with FleetBoston Financial Corp. joined Freddie Mac in September 2004 following Fleet's acquisition by Bank of America, and was in line to succeed chairman and chief executive Richard Syron. Freddie Mac, and sibling Fannie Mae have been embroiled in mammoth accounting scandals, with both entities having to restate an $11 billion in earnings. A replacement for McQuade has not been named. However, a management succession committee has been established. Meanwhile, the Securities and Exchange Commission began distributing a $357 million Fair Fund created as part of a financial reporting fraud settlement last year with Fannie Mae. Anyone who purchased Fannie Mae common stock between Jan. 14, 1999, and Dec. 22, 2004, or preferred stock between Sept. 25, 2003, and Dec. 22, 2004 is eligible. The distribution is expected to be completed by October. More information is available at www.SECFannieMaeSettlement.com.
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