For Fannie Mae Chief, Solutions With Style

Submitted by Ronald Tennant with Metrocities Mortgage:

Washington Post (05/19/08) P. D4; Heath, Thomas
Daniel Mudd is using the lessons he has learned as a Marine and as a top executive at General Electric to lead Fannie Mae following its accounting scandal and during the downturn in the housing market. Fannie Mae will base its decisions on business and realizes it will be difficult to keep its many constituencies happy, although Mudd says it will be "easy to do the right thing." Mudd, who took over as chief executive of Fannie Mae three years ago, has changed the culture of the government-sponsored enterprise in that he has provided more detail of the company's goals, met regularly with customers and regulators, added accountants, tried to improve relations with the Office of Federal Housing Enterprise Oversight and encouraged employees and managers to ask tough questions. "We needed clarity of expectations, openness and complete accountability," he says.