In addition to placing much of the blame for the improper accounting on former Freddie Mac executive David Glenn, last week's release of a investigative report on the GSE made repeated references to former Freddie Chairman Leland Brendsel as an active participant in the accounting irregularities.

The much-anticipated report was prepared by Baker Botts LLP, who was special counsel to the outside directors of Freddie Mac's Board of Directors. The report reviewed the facts and circumstances pertaining to some of the principal accounting errors that were identified during the firm's previously announced restatement process.

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