Fannie's CFO to Depart

Fannie Mae's chief financial officer, Robert Blakely, will leave that post and be replaced by Stephen Swad, the company has announced.Fannie Mae said the transition will happen later this year, and that Mr. Blakely will remain as an executive vice president of the company through the end of 2007. The company, noting that Mr. Blakely has overseen the restatement of Fannie Mae's 2002-2004 earnings and the recent completion of its 2005 financial results, said he will focus on the completion of the company's 2006 10-K filing during the remainder of his tenure. Mr. Swad will lead the company's effort to return to timely financial reporting. Fannie Mae chief executive Daniel Mudd praised Mr. Blakely for overseeing "a large, complex financial restatement." The news of Mr. Blakely's pending departure comes just two days after Eugene McQuade, president and chief operating officer at Freddie Mac, announced his decision to leave Freddie Mac in September.