Mudd Named President/CEO of Fannie Mae

WASHINGTON – Daniel Mudd, who has served as interim CEO of Fannie Mae since December 2004 following the resignation of former chairman and CEO Franklin Raines, has been named president/CEO. A release from Fannie Mae announcing Mudd’s appointment stated the board’s vote was unanimous. The Fannie Mae Board of Directors also announced that Stephen Ashley, who was appointed non-executive chairman of the board after Raines resigned, will continue in that role. “After an extensive, nationwide search, and careful and deliberate consideration, the Board recognized that the CEO we wanted was the interim CEO we had. We believed that the person most qualified to transform Fannie Mae for the future was the individual who had been leading the transformation and change over the past six months. Dan demonstrated his capacity for the job by doing the job,” Ashley stated in the company’s release. Mudd has been with Fannie Mae since 2000 serving first as its vice chairman and chief operating officer, overseeing Fannie Mae’s single-family, multifamily, credit, housing and community development, e-Business, technology, corporate marketing and administrative divisions. Prior to joining Fannie Mae, he was president/CEO of GE Capital, Japan. Ashley has been a Fannie Mae Board director since 1995 and is a former president of the Mortgage Bankers Association of America.