The chief executive at Freddie Mac moved quickly this month to distance the changes that his firm made with its hedge accounting from the allegations of improper accounting procedures that have been lodged against Fannie Mae. In a recent teleconference with analysts, Freddie officials revealed that the GSE decided to discontinue hedge accounting for about $110 billion worth of pay-fixed swaps and $40 billion of receive-fixed swaps. The news sounded similar to reports of mismanagement…