Former Freddie Mac official fined

NEW YORK, Oct. 23 (UPI) -- David Glenn, former Freddie Mac chief operating officer, has agreed to cooperate with an investigation of the mortgage company and pay a $125,000 fine.

The firm's regulator, the Office of Federal Housing Enterprise Oversight, announced Thursday that Glenn would aid the agency's investigation into accounting, management and related problems at Freddie Mac, the Wall Street Journal reported.

The pact also precludes Glenn from serving in any capacity at Freddie Mac or Fannie Mae. The regulator noted that Glenn was terminated for cause from Freddie Mac in June and said he will lose about $13 million as a result.

Glenn was fired in June for not cooperating with an investigation conducted by special counsel Baker Botts hired by the firm's board.