Daniel Mudd

Daniel Mudd

Daniel H. Mudd (born 1956) is the former President and CEO of Fannie Mae, a post he held from 2005-2008.[1]

He is the son of TV anchor, Roger Mudd.[2] He holds a B.A. degree in American history from the University of Virginia and an M.P.A. from the John F. Kennedy School of Government at Harvard University.[3] Mudd was an Officer in the United States Marine Corps and was decorated for his combat service in Beirut.[3] After a tour in the Office of the Secretary of Defense, he left the service to get his M.P.A.[3]

Mudd has been an advisor to Asia-Pacific Economic Cooperation (APEC) and has served on boards of the Council on Foreign Relations, the National Building Museum, Hampton University, Local Initiatives Support Corporation The University of Virginia board of Trustees, and the Sidwell Friends School.[3]

Early in his career, Mudd held positions in financial services and management consulting at the World Bank, Ayers Whitmore and Company, and Xerox Corporation.[4] Mudd later worked at GE Capital in International Financing, European Fleet Services, and Business Development.[4] At GE Capital, he became Vice President for Business Development in 1991, was Managing Director for International Financing from 1993 to 1995, and became President and CEO for European Fleet Services in 1995.[3] From 1996 to 1999, he was president of GE Capital Asia-Pacific.[3][4] Mudd was previously president and CEO of GE Capital, Japan before he joined Fannie Mae in February 2000.[4]

In February 2000, Mudd became a Director and Vice Chairman and Chief Operating Officer at Fannie Mae.[3][5] He remained Chief Operating Officer until December 21, 2004.[3] Mudd was named interim CEO of Fannie Mae in December 2004, after Franklin Raines stepped down after the U.S. Securities and Exchange Commission (SEC) found Fannie Mae had violated accounting rules.[5] Mudd served as interim CEO of Fannie Mae until March 2005, and became the President and CEO of Fannie Mae on June 1, 2005.[3]

Mudd was a Director at Ryder System, Inc from 2002 to 2007.[3] In 2007, Mudd became a Director at Fortress Investment Group.[3] Forbes ranked Mudd 182nd in executive pay in 2005, 323rd in 2006, 337th in 2007, and 202nd in 2008.[6]

Mudd collected more than $80 million in his time at Fannie Mae.[7] He was dismissed as CEO when FHFA stepped in as conservator on September 7, 2008. The government has advised him that his severance package will not be paid.[8]

On December 9, 2008, he testified before the United States House Committee on Oversight and Government Reform on Capitol Hill regarding Fannie Mae, Freddie Mac, and financial market instability.[9][10][11]

Mudd currently is working as the CEO of Fortress Investment Group, a hedge fund in New York City that has bought tax liens on delinquent property taxes from local governments under 17 different corporate names. Some evoke tranquil, bucolic settings, such as Pleasant Valley Capital, LLC and Travis Farm Investments, LLC.[12] He now resides in Greenwich, Connecticut with his family.

References

  1. ^ US Bails out Fannie Mae & Freddie Mac NYTimes
  2. ^ Government may soon back troubled mortgage giants
  3. ^ a b c d e f g h i j k "Daniel Mudd: Executive Profile & Biography". investing.businessweek.com. BusinessWeek. http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=271139. Retrieved December 9, 2008. 
  4. ^ a b c d "Daniel H. Mudd Profile". people.forbes.com. Forbes.com LLC. http://people.forbes.com/profile/daniel-h-mudd/31759. Retrieved December 9, 2008. 
  5. ^ a b "Franklin Raines out at Fannie". CNNMoney.com. December 22, 2004. http://money.cnn.com/2004/12/21/news/fortune500/fannie/. Retrieved December 9, 2008. 
  6. ^ "Daniel H. Mudd Rankings". people.forbes.com. Forbes.com LLC. http://people.forbes.com/rankings/daniel-h-mudd/31759. Retrieved December 9, 2008. 
  7. ^ Duhigg, Charles (October 4, 2008). "Pressured to Take Risks, Fannie Hit a Tipping Point". The New York Times. http://www.nytimes.com/2008/10/05/business/05fannie.htm. 
  8. ^ "U.S. cuts wires on Fannie, Freddie 'golden parachutes'". Chicago Tribune. http://www.chicagotribune.com/business/ap-fannie-freddie-ceo-packages-sep15,0,3845106.story. 
  9. ^ "Committee Holds Hearing on Collapse of Fannie Mae and Freddie Mac". oversight.house.gov. December 9, 2008. http://oversight.house.gov/story.asp?ID=2252. Retrieved December 9, 2008. [dead link]
  10. ^ "Testimony of Daniel Mudd (PDF)". oversight.house.gov. http://oversight.house.gov/documents/20081209103231.pdf. Retrieved December 9, 2008. [dead link]
  11. ^ Alan Zibel (December 9, 2008). "Former Fannie, Freddie Execs to Testify". Associated Press. Time. http://www.time.com/time/nation/article/0,8599,1865246,00.html. Retrieved December 9, 2008. 
  12. ^ Fred Schulte and Ben Protess (October 18, 2010). "The New Tax Man: Big Banks and Hedge Funds". Huffington Post Investigative Fund. http://huffpostfund.org/stories/2010/10/new-tax-man-big-banks-and-hedge-funds. Retrieved September 20, 2011. 

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