Freddie Mac CFO Resigns Without Replacement Named

Reuters reports:

NEW YORK (Reuters) - Martin Baumann, the respected chief financial officer of Freddie Mac (FRE.N: Quote, Profile, Research), has resigned less than three years after taking the job at the second-largest U.S. mortgage funding company, which is still recovering from an accounting scandal.

Freddie Mac's president and chief operating officer, Eugene McQuade, will assume the CFO responsibilities, effective immediately, while a search for a successor is under way, the company said on Wednesday.

"The timing of the departure is unusual, as is the fact that no successor is named and the search is just getting under way," said Ed Groshans, an analyst with Fox-Pitt, Kelton.

More accounting problems?