The interim chief executive officer at Fannie Mae has taken a permanent role.
The Washington, D.C.-based company announced today that its board of directors named Daniel H. Mudd president and CEO effective immediately.
Mudd has served as the interim chief since late last year, Fannie said, when Chairman and Chief Executive Franklin D. Raines and Chief Financial Officer J. Timothy Howard were forced out in the wake of an accounting scandal.
The company plans to restate past income by more than $8 billion.
"After an extensive, nationwide search, and careful and deliberate consideration, the Board recognized that the CEO we wanted was the interim CEO we had," Chairman of the Board Stephen B. Ashley said in the announcement.
Mudd, a decorated Marine officer, previously was the CEO at GE Capital, Japan, according to the government sponsored housing enterprise's announcement, and has served as the chief operating officer at Fannie. He reportedly holds a master's degree from Harvard University.
Mudd played a key role in the transformation of the secondary lender, according to the acting director of the Office of Federal Housing Enterprise Oversight. "I look forward to continuing the development of a strong, constructive relationship between Fannie Mae and OFHEO," Stephen Blumenthal said in announcement from the regulatory agency.
"The past six months is just a beginning," Mudd said in Fannie's announcement. "We will continue putting our house in order, complete the restatement and reaudit of earnings, achieve our capital restoration plan, and strengthen confidence in Fannie Mae."
"In the past six months as interim CEO, Dan has shown strong leadership and a dedication to ensuring the safety and soundness of Fannie Mae," the Mortgage Bankers Association said in a written statement. "He brings a wealth of expertise to his new position, both from a general finance perspective and from his institutional knowledge of Fannie Mae."
Ashley will continue in his role as chairman, Fannie's announcement said.