WASHINGTON, Aug. 23 (UPI) -- Bowing to pressure from regulators, Freddie Mac says its Chief Executive Gregory J. Parseghian will resign, The Washington Post reported Saturday.
It will be the second such ouster from the mortgage lending company in three months. Parseghian took over in June when the board forced out CEO Leland C. Brendsel and two other top executives in the midst of a restatement of finances.
The company said Parseghian will stay on until a successor is found.
The resignation comes following tense meetings between the Office of Federal Housing Enterprise Oversight, and the company's board of directors.
In the meetings, the regulators had been demanding Parseghian and longtime general counsel Maud Mater be replaced because of accounting and disclosure problems that are forcing the company to correct errors in its financial statements that may total as much as $4.5 billion.
Parseghian and others at Freddie Mac had earlier decided that Mater would leave
