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U.S. markets recover from steep losses
NEW YORK, Aug. 28 (UPI) -- The Federal National Mortgage Association, battered by the meltdown in the U.S home loan business, has shaken up its senior management, officials said.
In an announcement in Washington Fannie Mae officials said that Daniel Mudd will remain chief executive but its chief financial officer and two other top executives are out.
They will be replaced by other Fannie Mae insiders, the Washington Post said Thursday.
The new team "will be responsible for meeting the dual objectives of conserving capital and controlling credit losses," Mudd said in a statement.
Fannie Mae and Freddie Mac are the largest source of mortgage finance across the country. Both were victims of bad bets on securities backed by home loans and badly bruised by the housing bust.
Under the shakeup, Chief Financial Officer Stephen Swad will be replaced by David C. Hisey, Fannie's senior vice president and controller.
Retiring Robert Levin is to be replaced as chief business officer by Peter Niculescu, head of the company's capital markets business, and Enrico Dallavecchia leaves as chief risk officer, replaced by Michael Shaw, a senior vice president for credit risk oversight.
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BEIJING, May 24 (UPI) --
China National Offshore Oil Corp. announced Thursday it made a new oil discovery in the shallow waters of south Liaodong Bay.
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OTTAWA, May 24 (UPI) --
A planned shakeup in the command structure of Canada's 68,000-strong armed forces will save costs and also respond to criticism of government performance over the planned Canadian acquisition of the Joint Strike Fighter program.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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It is a whole new ball of wax in Europe these days.
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