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3 Top Fannie Mae Executives To Leave Company

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Aug 27, 2008 5:21 pm US/Eastern

3 Top Fannie Mae Executives To Leave Company

CBS News Interactive: Eye On The Economy

WASHINGTON (AP) ―

Click to enlarge 1 of 1: Fannie Mae's chief executive sought to reassure investors on Aug. 20, 2008, that a company bailout was not going to happen.
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CBS News Interactive: Eye On The Economy

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

Fannie Mae 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 senior vice president and 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, who is also leaving the company.