Fannie Mae's Mudd Resigns Board Seat
Ex-Fannie Mae CEO Daniel Mudd is resigning immediately from the giant mortgage lender, seized by the federal government last month.
Fannie Mae
(FNM)
said Thursday that former CEO Daniel Mudd will resign from the board of directors immediately.
Fannie did not provide a reason for Mudd's departure. The move comes just weeks after the government placed Fannie and its sister company,
Freddie Mac
(FRE)
into conservatorship and replaced top executives.
The mortgage-finance giants had been on the brink of collapse, with plunging share prices and weak capital levels. In after-hours trading on Friday, Fannie shares were up 2.6% at $1.60, and Freddie was down 1.7% at $1.77.
