Dan Mudd Says Goodbye

The government Sunday unveiled a sweeping plan to take over the mortgage finance companies Fannie Mae and Freddie Mac and to use government dollars to prop up the mortgage market, taking unprecedented steps to use the public purse to try to bolster the housing and financial markets.

Daniel H. Mudd. Photo by Ken Cedeno -- Bloomberg News

Here's former Fannie Mae chief executive Daniel Mudd's farewell message to employees, posted Sunday, as read over the phone to staff writer David S. Hilzenrath by someone who has a copy:

This is my final Homesite message to you as the CEO of Fannie Mae. It has been a blessing and an honor to work with you over the course of my time here. I did my best to lead you honestly and honorably, and to fulfill our business and our mission. I will always be grateful for your support, ideas.[sic] and hard work.

I wish you and your families the best. I hope some of the experiences of the past few years will serve you well, and that "how" you did things means as much to you as "what" you did.

In the face of the worst market conditions in our history, we worked longer and harder, and accomplished more, than many thought possible. Today you enter a new phase, and while much will change, much remains the same. There are still millions of homeowners in pain, families with a dream of owning a home, and investors depending on you. Please give your colleagues and my successor your full support because, finally, that is who you are.


By Dan Beyers  |  September 7, 2008; 7:57 PM ET
Previous: Former Regulator: Move On Freddie, Fannie Now | Next: Feds To Fannie: Your Jobs Are Secure


Please email us to report offensive comments.

Oh my. No responses yet from the loonies that haunt these message boards. Asleep at the switch. They should be fired.

Posted by: Anonymous | September 8, 2008 12:30 AM

Dan, Dan, Dan

You personally through your own actions caused by allowing these morgages and their securitization to happen.

Although you will not be charged criminally you should be.

and please don't make an a*s of yourself like Franlin Raines. he was photographed in a recent high gloss amgazine partying at a society event.

Everyone is talking behind your back. You thought your friends liked you for yourself but they did not. They are gloating at your failure.

Posted by: JohnAdams1 | September 8, 2008 4:46 AM

If Sabanes-Oxley does not apply here, it needs to be gotten rid of.

Posted by: RTGreenwood | September 8, 2008 5:28 AM

What a heartbreaking situation for the country and the homeowners as well. Not becuase of Dan leaving but becuase so many commited people beleive in the mission of the company... to make homeownership a reality for all who wanted a part of the American dream.FannieMae employees are a proud bunch that work hard to meet the country's housing needs. Communities, Families and the Nation at-large has been favorablly impacted. Now this mortgage "giant" is under the gun. I charge the employees to stand tall for yours is still a "mighty work". The personal sacrifices that you have made to ensure the success of the company was not in vain. During this difficult time and always,know that you have served your community and your country well despite this current challenge. You are more than overcomers!

Posted by: HD Grymes | September 8, 2008 9:58 AM

did anyone serioulsy think Dan was competent fo this job. here is a clear example of the Peter Principle at work.

Posted by: TJC | September 8, 2008 11:42 AM

The day Dan Mudd showed up at Fannie Mae a VP was seen running to hold the door for him, and letting it close on the person right behind him.

This was always the mentality at FNM during Dan Mudd's tenure there at many employees were treated with less than respect - good riddance!!!

Posted by: anon | September 8, 2008 2:04 PM

I hope that Mudd and Syron do not get one more red cent of compensation. Both made $14 million last year to run the co's into the ground.

Not one red cent more:



Posted by: Shaun Dakin | September 8, 2008 2:06 PM

It is so a shame what has happen to our country, because of peoples, governments, businesses and the judiciary systems.
They all are much responsible for what has happen to the economy as a whole, from the banks to the housing systems, the main reason is the love of and for money.
Greed and greedness through these peoples has cause this country to suffer in many, many ways, noone is taking the blame for any of the wrongness.
From Mr. Mudd to anyone that had a choice to do right in their job and did not do so
will reap what they have sown.
Many walks away with millons of dollars and bonuses, that they know it was take in a wrong matter.
For those who are doing or has done these things, just remember you will pay for all that you have done someday, believe it are not, you will answer to a higher power.

Posted by: Lamar fitzpatrick | September 8, 2008 4:32 PM

Daniel Mudd stands to collect $9.3 million.

Posted by: Mad investor | September 9, 2008 10:21 AM

My job, and like many of my friends, if we make a serious mistake that results in our dismissel, we leave with two weeks pay.
Mudd and Syron I understand make about 11M and 18M respectively, I will almost guarentee you that these two scondrals will leave with two to four years of salary. What is wrong with this picture, these guys are rewarded for running these two companies into the ground. And guess what, the average stock holder will lose everything, while preferred share holders ( like China ) will lose nothing? I guess it don't matter who gets elected, maybe more of a chance with McCain, but I believe we may have seen the best days of this country, both parties so corrupt. Thinks I will gas up the plane and head for Fiji, hope alot of hot women on beach.

Posted by: Sean | September 9, 2008 6:43 PM

Daniel is very much appreciated and respected among his friends.

Posted by: Alejandrodelcarpio | September 10, 2008 4:25 PM

This is not the time for remembering hatred, but for memorializing your decision to heal every wound that could cause it.

There is one question that no one will ask of those who use aversion to make their point: What hurts you so bad that you feel you have to hurt me in order to heal it?

This does not condone hatred, but it can help us to understand it -- and to understand how to stop it. CwG says, "No one does anything inappropriate, given their model of the world." Embracing the wisdom in those eleven words could change the course of human history. Think about that.

Posted by: The Twins | September 11, 2008 10:12 AM

Daniel Mudd stands to collect $9.3 million.
? Here is a clear example of the Peter Principle at work. The right stuff,is just the tip of the Obama's ICEBERG be-aware !

Posted by: Donut | September 11, 2008 8:36 PM

The comments to this entry are closed.

RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company