Here's a list of the new hires:
- Peter Niculescu, once managing director and co-head
of fixed-income research and strategy for Goldman, Sachs & Co., was
named chief business officer, responsible for three divisions --
single-family mortgage guaranty, capital markets and housing and
community development
- David Hisey was named EVP and chief financial officer
- Michael Shaw, of J.P. Morgan Chase & Co. pedigree, became chief risk officer
- David Benson, who has been head of e-commerce in the fixed-income
division at Merrill Lynch & Co., was promoted to executive vice
president, capital markets and treasury
And there are some checkouts as well:
- EVP and current chief business officer, Robert Levin, will retire. He checks out after 27 years with Fannie Mae
- Current
CFO Stephen Swad, who joined Fannie Mae in spring 2007, chose to leave
the company to pursue other opportunities in private equity
- Current
chief risk officer, Enrico Dallavecchia, intends to leave the company
to pursue opportunities in finance and risk management
The
board said in a statement it was firmly committed to Mudd, the
management restructuring and the strategic objectives around capital
and credit he set forth on Aug. 8, when the company announced dismal second-quarter results.
The announcement comes as Fannie Mae
sold $2 billion in short-term debt
Wednesday, although at higher yields than in recent auctions,
MarketWatch notes. The lender also announced its JV with REIT
Mid-America Apartment Communities Inc. would
stop making acquisitions. Fannie shares were up after trading Wednesday, which
could quell
rumors the mortgage giant may need a government bailout. -
Baz HiralalFannie Mae CEO Dan Mudd Announces Management Restructuring Fannie Mae halts purchases for Mid-America FundFannie Rises as Merrill Calls Bailout Talk Premature
Comments
It looks like Fannie Mae's management is cleaning house. CEO Dan Mudd is polishing up his team for top management
that will be, "responsible for meeting the dual objectives of
conserving capital and controlling credit losses while Fannie Mae
continues to provide crucial liquidity to the U.S. housing and mortgage
markets."
What in God's name is Fannie Mae thinking. HIRING WITHIN?
To think of this takes me back to when John Gotti took over for Paul Castalano. What are you people thinking? Is Andy Fastow on your list of potential hiree's?