Departures of Numerous Top Executives Leave GSEs Vulnerable to Loss of Institutional Memory
July 20, 2006
The accounting scandals and massive financial restatements at Fannie Mae and Freddie Mac continue to produce a substantial tide of executive departures from the government-sponsored enterprises, thinning out the institutional memory in an evolving mortgage marketplace. Since the end of 2004, 44 of the top 55 executive jobs at Fannie have changed hands, while 27 of 29 senior positions at Freddie have been turned over. In recent weeks, Fannie has seen the exit of Barry…