OFHEO Promotes Freddie Watchdog

The Office of Federal Housing Enterprise Oversight has promoted Stephen A. Blumenthal - the man heading its Freddie Mac investigation - to acting deputy director of the agency.

Mr. Blumenthal serves as counsel to OFHEO director Armando Falcon Jr., and is in charge of the special examination unit.

He is managing the agency's investigation into Freddie's earnings restatement scandal which involves charges that the company's former top officers conspired to manage earnings by flouting generally accepted accounting principles.

Mr. Blumenthal joined OFHEO in July 2002 from Schwab Washington Research Group, where he served as an analyst specializing in banking and financial services.

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