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.

The appointment of McQuade is the latest in a series of high-level appointments for the concern under chairman and chief executive Richard Syron. In November, Freddie Mac was forced to restate its financials from 2000-2002, after it had understated its earnings by roughly $5 billion.

In March, Freddie Mac named Ralph Boyd Jr. general counsel and executive vice president, and more recently tapped Stan Martin, a former partner at Big Four firm KPMG, as senior vice president and general auditor and Patricia Cook as executive vice president of investments.

— WebCPA staff

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