Washington -- The board of embattled mortgage finance concern Fannie Mae unanimously chose interim chief executive Daniel Mudd to serve in that post on a permanent basis.
Mudd, 46, a former executive at GE Capital and a decorated marine veteran, took the reins of the company six months ago following a massive accounting scandal that resulted in the ouster of incumbent CEO Franklin Raines.
Fannie Mae chairman Stephen B. Ashley said the board was impressed by Mudd's ability to work cooperatively and collaboratively" and to "recalibrate" the company's relationships with customers and regulators.
Recently, Fannie Mae added nine officers to its finance division as part of a top-down overhaul while it works toward restating its financials from 2001 through 2004 -- which may reduce its earnings over that period by some $8.4 billion.
Several months ago, the White House proposed to spearhead an effort that would pare down the massive portfolios held by both Fannie Mae and its sibling, Freddie Mac.Mudd is the son of former CBS news anchor Roger Mudd.
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