Management Shake-Up at Fannie Mae

From staff and wire reports

Fannie Mae says three top executives are leaving as the mortgage finance company aims to cope with mounting losses from the mortgage crisis.

Chief Financial Officer Stephen Swad is leaving to "pursue other opportunities" in the private-equity business. He is being replaced by David C. Hisey, formerly the company's senior vice president and controller. The District-based copmany named Peter Niculescu as chief business officer, replacing the retiring Robert J. Levin. And Michael Shaw is taking over as chief risk officer for Enrico Dallavecchia, who is also leaving the company.

"As we move through the bottom of this cycle, maintaining capital, managing credit and driving revenues are the priorities - and we have to organize and staff accordingly," chief executive Daniel Mudd said in a statement.

Mudd is staying with Fannie Mae.

"The Board of Directors is firmly committed to Dan Mudd, the management restructuring, and the strategic objectives around capital and credit he set forth on August 8," said Chairman Stephen B. Ashley. "The Board will continue to work closely with Dan and his management team to guide the company and support the housing finance system through a very challenging period."

By Terri Rupar  |  August 27, 2008; 4:58 PM ET  | Category:  Fannie Mae
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Comments

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Dan, your name is MUDD!

Posted by: Anonymous | August 27, 2008 5:40 PM

they leave to take jobs at private equity funds really! hmmm

How many employees at Fannie Mae purchased houses with sub prime or no doc loans? hwo many are in foreclosure now?

Posted by: JohnAdams1 | August 27, 2008 6:21 PM

JohnAdams1,

A lot of Fannie Mae employees also got hurt in housing crisis. In one of the employee meetings, an employee, who was in the process of losing her home, tearfully asked what Fannie Mae could do for her. After the plea, Fannie Mae has come up with a Home Saver Advance plan that is helping people stay in their homes longer (this plan applies to every one, not just Fannie employees).

A lot of us work at Fannie Mae because Fannie helps people get into homes. We feel that this is a great place to work (a private company with a noble, public mission). It is very hard for us to see our good name tarnished in the marketplace.

People may not realize this, but not all people working at Fannie Mae are millionaires. There are so many of us who struggle for our next month's mortgage and for our next meal. Some of us work two jobs. There are a lot of people whose life long savings are lost because of the drop in our stock price.

Please keep us, along with all other people who lost their homes, in your prayers.

Posted by: Fannie Employee | August 27, 2008 8:09 PM

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