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Fannie Mae to lose 3 executives

Business Briefing / MORTGAGES

August 28, 2008|From Times Staff and Wire Reports

Fannie Mae says three top executives are leaving as the mortgage finance company aims to cope with mounting losses from the housing bust.

Chief Financial Officer Stephen Swad is leaving to "pursue other opportunities" in the private equity business. He is being replaced by David C. Hisey, formerly the company's controller.

Fannie named Peter Niculescu as chief business officer, replacing the retiring Robert J. Levin. Michael Shaw is taking over as chief risk officer for Enrico Dallavecchia.

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