Fannie Portfolio Managers Leave to Form REIT

Two senior managers for Fannie Mae have departed the mortgage giant to start their own mortgage real estate investment trust.Departing the company are Andrew McCormick, senior vice president of portfolio management, and Andrew Thompson, who was serving as interim head of credit finance. A spokeswoman for Fannie Mae confirmed the departures but had no information on what type of mortgage REIT the two men were launching. Mr. McCormick managed Fannie's $800 billion mortgage portfolio, reporting directly to company executive vice president Peter Niculescu. Fannie Mae named Andrew Bon Salle and Ramon De Castro to take over Mr. McCormick's duties. Each will serve as vice president of portfolio management.