On the Brink: Fannie Shakes Up Top Brass

David Benson has also been promoted to executive vice president of capital markets and treasury, from his role as senior vice president and treasurer.

Fannie said that compensation terms and severance packages for Hisey and Niculescu had not yet been determined and did not identify any such terms for Shaw or Benson.

Mudd said the reorganization is part of a broader capital and credit plan that Fannie outlined earlier this month, as it reported a substantial second-quarter loss.

"As we move through the bottom of this cycle, maintaining capital, managing credit and driving revenues are the priorities," Mudd said in a statement, "and we have to organize and staff accordingly."

Niculescu, 48, a former managing director at Goldman Sachs(GS Quote) has a history in fixed-income. He will work with Hisey to ensure that Fannie "remains in a solid capital position," the company said.

Hisey, 48, has 25 years experience in the capital markets, mortgages and other types of lending, and was once a managing director of BearingPoint(BE Quote).

Mudd noted that Hisey, who joined the firm in 2005, has "signed off on 26 quarters of our financial results." Those presumably include restatements related to the accounting scandals at Fannie, and its counterpart Freddie Mac(FRE Quote), which came to light in 2003.

Shaw joined the firm in 2006 from JPMorgan Chase(JPM Quote) and has also held risk management roles at General Electric(GE Quote) and Citigroup(C Quote).

On Tuesday, Fannie also said that affordable-housing expert and former investment banker Bart Harvey, 59, would fill the remaining spot on its board. He will be compensated with $100,000 per year as a retainer and received 4,014 shares of restricted stock.