Freddie Mac Hires Spin Doctor Ahead of Restatement

Freddie Mac(FRE Quote), which is being investigated by federal regulators for accounting irregularities, is preparing damage control.

The nation's second-biggest buyer of mortgages has retained Rowan & Blewitt, a Virginia-based consulting firm that specializes in corporate crisis management. The consulting firm has been quietly working behind the scenes with Freddie for the past several months.

The firm's Web site says Rowan & Blewitt has a "distinguished track record" of helping "major corporations and organizations deal with threats to corporate reputation, brand value, market value and profitability." In the past, Rowan & Blewitt worked with Exxon(XOM Quote), following the 1989 Exxon Valdez oil spill. ...