His Name Is Mudd...Dan Mudd That Is.

Fannie Shuffles Its Top Leaders

Struggling mortgage giant Fannie Mae shook up its senior management yesterday, announcing the departure of its chief financial officer and two other top executives.

Daniel H. Mudd will continue to serve as chief executive and the departing company officers will be replaced by other Fannie Mae insiders.

The company, battered by the meltdown in the mortgage market, said it was putting in place a team that will help it endure mounting losses that have put the firm's survival at stake.

"This team will be responsible for meeting the dual objectives of conserving capital and controlling credit losses," Mudd said in a statement. "As we move through the bottom of this cycle, maintaining capital, managing credit and driving revenues are the priorities."

District-based Fannie Mae -- along with its sister Freddie Mac of McLean -- are the largest source of mortgage finance across the country. Both made bad bets on securities backed by home loans and have been badly bruised by the housing bust. The companies' shares have lost most of their value this year.

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In the article it names those giving their walking papers, I won't bore you here...we'll just call them "those that failed their fellow Americans and help trash the national economy to boot"

As you know from previous posts I am no friend of Fannie Mae and/or Freddie Mac...BUT this is definitely a move in the right direction.

Tip of the hat to Dan Mudd for taking a tough stand AND they appointed staff from inside the company and not outsourced to the "old boy network".

Good job Dan Mudd and keep up the hard line, maybe there is some light at the end of the tunnel for Fannie Mae.

Note: I would not want to be one of those former Fannie Mae tools who lost hundreds of millions called onto the carpet for this one....you KNOW that was a serious ass chewing in the bosses office.



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