McClean, Va. (Aug. 6, 2004) — Troubled mortgage financing concern Freddie Mac has named veteran banking executive Eugene McQuade as president and chief operating officer effective Sept. 1.

McQuade, 55, was most recently president of Bank of America and also served as president and chief operating officer at FleetBoston Financial Corp. At Freddie Mac, he succeeds Paul Peterson, who will retire after 15 years with the company. Peterson will remain in an advisory capacity through the transition.

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