Fannie Mae Cleans House

Fannie Mae announced the departures of Robert Levin, a 27-year veteran who was chief business officer, and two executives who joined within the past two years: Stephen Swad, was CFO, and Enrico Dallavecchia, who was chief risk officer, according to The Wall Street Journal.

Peter Niculescu has been promoted to chief business officer and his new responsibilities include providing guarantees on mortgage securities and investing in securities as well as raising capital and managing debt needs. Niculescu, 48, joined Fannie in 1999 after working as a top bond-market analyst and strategist for Goldman Sachs.

Fannie also named David Hisey, 48, formerly controller, as CFO. Michael Shaw, 61, formerly a senior vice president, becomes chief risk officer. David Benson, 48, another senior vice president, was named executive vice president for capital markets and treasury, according to WSJ.

Fannie officials say that moves were made to put people who have experience with mortgage-industry shakeouts in the most vital jobs at a time when the worst housing slump in decades calls for crisis-management skills.