The Office of Federal Housing Enterprise Oversight said that it has settled a 2003 action brought against troubled home mortgage lender Freddie Mac. As part of the agreement to put an accounting scandal behind it, Freddie will assist the government with cases against former executives.
The oversight office said that Freddie entered the agreement in order to resolve the case without incurring the costs and distraction of continued litigation. Freddie also agreed to retroactively fire its former chief executive, Leland Brendsel, and former chief financial officer, Vaughn Clarke, and seek recovery of funds from past officers. Brendsel and Clarke were forced out by the company's board in June 2003.
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