Fannie Mae President and CEO Daniel H. Mudd has announced a series of senior executive appointments, effective immediately, intended to oversee and implement the company's recently announced capital management and credit loss reduction plan.
The executives include Peter Niculescu, who has assumed the duties of chief business officer, as well as the appointments of David C. Hisey as chief financial officer and Michael Shaw as chief risk officer.
‘After setting forth our capital and credit plan August 8, we are now putting a senior management structure in place to drive this plan across the company,’ Mudd states. ‘This team 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.
‘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,’ he adds.
Source: Fannie Mae