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Shakeup, Reorganization at Fannie

Businesses realigned, 4 execs depart

September 22, 2008

By MortgageDaily.com staff

Four senior executives are leaving Fannie Mae as the company reorganizes.

On Friday, the Washington, D.C.-based company announced a realignment of its organizational structure. The new structure was effective immediately.

Fannie said its three lines of business -- mortgage guaranty, capital markets, and housing and community development -- would report directly to President and Chief Executive Officer Herbert M. Allison Jr.

Chief Operating Officer Michael Williams will directly oversee technology and operations, the secondary lender said.

Fannie noted that the structure and function of government and industry relations was under review. These functions were directly impacted by the halting of all political activities when the company was placed in conservatorship by the Federal Housing Finance Agency earlier this month.

The structural changes at the government sponsored enterprise are fluid and Allison said further changes may be made.

"Fannie Mae is building a new organizational structure as we take the company in a new direction to serve a dramatically changing market," Allison said in the statement. "The company's organization will be flatter, with clear lines of authority and strong checks and balances and a closer link between our businesses and top management."

Another announcement Friday indicated Chief Business Officer Peter Niculescu was resigning. Resignations were also announced for Executive Vice President and General Counsel Beth A. Wilkinson, Executive Vice President and Chief Information Officer Rahul Merchant and Senior Vice President for Government and Industry Relations Duane Duncan.

The exact date of their resignations was not listed in the statement, though Allison praised their work at the organization and wished them well in their future endeavors.

The shakeup came on the heels of a massive mortgage bailout plan introduced Friday by U.S. Treasury Secretary Henry M. Paulson Jr. in which Fannie and its secondary cousin Freddie Mac will increase purchases of mortgage-backed securities.

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