Executives Shuffled as Mortgage Woes Continue
Wachovia Corp. has a new chairman, Regions Financial Corp. is hiring a new mortgage chief and Residential Capital LLC is still scrambling for liquidity. And as American International Group reported a massive mortgage-related loss, some of Fannie Mae's and Freddie Mac's ratings were placed on watch.

Wachovia Corp. announced Thursday President and Chief Executive Officer Ken Thomspon would relinquish his role as chairman, though he will remain a director. Replacing Thompson on the board will be Lanty Smith.

Smith, the chairman and CEO of Tippet Capital, has been a director of the Charlotte, N.C.-based company since 1987 and a lead independent director since 2000, the statement said. He has also previously chaired the audit committee.
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