Ex-Freddie Prez Signs Consent Order

Former Freddie Mac president David Glenn has signed a consent order with the Office of Federal Housing Enterprise Oversight, agreeing to pay the agency a fine of $125,000 and cooperate with investigators in regard to his former company's earnings restatement scandal.An OFHEO spokeswoman said the consent order -- finalized late Wednesday night -- delays the agency's pending report on the scandal. "We cannot say at this time when that report will come out," the spokeswoman told reporters Thursday morning. Mr. Glenn is the first former Freddie Mac executive to settle with OFHEO. His attorney, Thomas Vartanian, said in a statement that Mr. Glenn "will be the person who will provide valuable assistance to OFHEO in learning the truth about the events that it is examining." By signing the order, Mr. Glenn neither confirms nor denies that he did anything wrong in regard to the earnings restatement scandal, which could result in an upward restatement of Freddie's earnings by more than $4.5 billion for the past three years. Freddie Mac fired Mr. Glenn back in June for cause, a move that could result in his forfeiting $13 million in compensation. Mr. Glenn, though, can sue Freddie Mac to recover that money.