Former Freddie Mac Chief Settles With OFHEO

Law360, New York (November 7, 2007, 12:00 AM EST) -- The regulatory case against former Freddie Mac chief Leland C. Brendsel came to an abrupt halt on Tuesday, when Brendsel agreed to pay $14 million to settle allegations that he participated in the accounting scandal that rocked the home lender.

The Office of Federal Housing Enterprise Oversight issued a consent order against Brendsel on Tuesday. Under the terms of the order, the former executive will pay a penalty of $2.5 million and disgorge $10.5 million in previously paid salary and bonuses. Brendsel has also agreed to...
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