Freddie Fires Head of Shareholder Relations

Freddie Mac on Monday fired its director of shareholder relations, Robert Weiss, Mortgage Wire has learned.Mr. Weiss, who joined Freddie from Fannie Mae a few years back, could not be reached for comment. A woman answering the telephone in Freddie's investor relations department declined to discuss Mr. Weiss or even to answer questions on how his name is spelled. She forwarded a message to the company's public relations department, which had not responded as of MW's deadline on Thursday. Back in October Freddie reorganized its shareholder (investor) relations department. The firing of Mr. Weiss came a few days before Freddie Mac's planned restatement of earnings for 2000, 2001, and 2002. One analyst opined that Freddie Mac's IR department has always paled in comparison to Fannie's. "Fannie has always had an ample staff, is always attentive, and returns your phone calls promptly," said Sandler O'Neill analyst Mike McMahon. "Freddie's IR department has been the polar opposite. They're hard to get ahold of." Despite Freddie's woes, Mr. McMahon rates the company a "buy."