Ex-Freddie CEO Trying to Block Subpoena

Ousted Freddie Mac chief executive Leland Brendsel doesn't want to help the Office of Federal Housing Enterprise Oversight in its investigation of his former company and is now fighting the agency in court.Mr. Brendsel's attorneys at Williams & Connelly have filed a motion in federal court in Alexandria "in opposition" to an OFHEO subpoena requesting that he be deposed. In the filing, he maintains that the regulator "has failed to ensure that it will observe confidentiality regulations" and accuses it of failing to follow its own legal procedures. The Justice Department, which is representing OFHEO in the matter, filed a brief arguing that Mr. Brendsel's cooperation with the examination process is "important." The agency notes that since early in its probe of Freddie's $5 billion accounting scandal it has tried to interview the former chairman and CEO, "but has been met by a series of excuses and delays from him." (See the Jan. 12 issue of National Mortgage News for full details.)