Troubled mortgage finance company Fannie Mae has offloaded three of its top executives as the company aims to gain steady footing as it deals with losses stemming from the mortgage crisis.
Washington-based Fannie Mae announced that chief financial officer Stephen Swad is leaving to “pursue other opportunities” in the private-equity business.
He will be replaced by David C. Hisey, who previously was the company’s vice president and controller. The company also named Peter Niculescu chief business officer, replacing the retiring Robert J. Levin.
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