American Banker articles from May 2006

American Banker archives from May 2006

Results, and Some Hints, From Doral.(Company overview)
May 4, 2006... For investors eager to determine its financial health, Doral Financial Corp. of San Juan, Puerto Rico, reported good and bad news Wednesday. It finally released some earnings for 2005, but only for the first three quarters. And the company...

Nonprofit Bank-Loan Partner Setting Sights Beyond Minn.(Northland Institute )(Product/service evaluation)
May 4, 2006... After several years of groundwork, a nonprofit in Minneapolis that teams up with small banks to make bigger loans to growing business customers is looking to take its model to other states. The Northland Institute aims to duplicate its...

FHFB Plan Unites Home Loan Banks -- Against It.
May 4, 2006... WASHINGTON -- Friction between the 12 Federal Home Loan banks and their regulator, the Federal Housing Finance Board, broke into the open Wednesday as the banks took a rare united stand against it. At issue is the agency's March 15 plan to...

More Banks Confront Question Of Asset Management Spinoff.(Industry overview)
May 4, 2006... Recent creative dealmaking by banking companies that own asset managers has some analysts wondering where the next shoe will drop. In the last month analysts have pressed executives from Comerica Inc. and Bank of America Corp. on whether...

In Brief: SVB Corporate Controller Resigning.(Brief article)
May 4, 2006... SVB Financial Group of Santa Clara, Calif., said Wednesday that its corporate controller and principal accounting officer, Donal D. Delaney, will resign from that role this month. The $5.4 billion-asset parent of Silicon Valley Bank said in...

Online Gambling Measure Passed By House Panel.
May 4, 2006... A House Judiciary subcommittee approved legislation Wednesday that would criminalize a financial institution's failure to police online gambling payments. The bill would also force banks to create compliance systems to identify automated...

Ahead of IPO, MasterCard Posts Strong Results.
May 4, 2006... MasterCard Inc., which is making final preparations for its initial public offering, posted double-digit revenue and profit gains in the first quarter, mostly on higher charge volumes. Much of the growth came from signature debit...

Australia to Cap Fees On Signature, PIN Debit.
May 4, 2006... To narrow a disparity in debit interchange pricing, Australia's central bank will cap fees for signature and PIN debit transactions later this year. The caps will shrink revenue for banks and for merchants. In the United States, merchants...

In Brief: Cards on American Flights.(Product/service evaluation)(Brief article)
May 4, 2006... American Airlines will soon accept payment cards in the air. AMR Corp., its Fort Worth parent company, announced Wednesday that passengers will be able to use cards to purchase food, drinks, and headsets on all of its domestic and...

In Brief: Global Axcess Weighs Sale.(Company overview)(Brief article)
May 4, 2006... The automated teller machine deployer Global Axcess Corp. said it may sell itself. The Ponte Vedra Beach, Fla., company announced Wednesday that it was considering several strategic options, including a joint venture, a merger, or a sale...

Executive Changes.
May 4, 2006... NEW ENGLAND United Financial Bancorp Inc. of West Springfield, Mass., said Mark A. Roberts will become the chief financial officer and an executive vice president of the company and its $907 million-asset United Bank on Monday. He...

Nat Mercantile Profit Up 40%.(Brief article)
May 4, 2006... National Mercantile Bancorp of Los Angeles said its first-quarter profit rose 40% from a year earlier on strong loan and deposit growth. The $480 million-asset company said Tuesday that its earnings of $1.3 million in the quarter were...

In Brief: American General Unveils Variable Policy #by#By Matt Ackermann.(Product/service evaluation)(Brief article)
May 4, 2006... American General Life Insurance Co. has a new variable universal life insurance policy. Platinum Investor VIP features a guaranteed minimum withdrawal benefit rider. For an additional fee the rider offers both a guaranteed death benefit...

In Brief: Executive Promotion at Morgan Stanley #by#By Matt Ackermann.(Brief article)
May 4, 2006... Morgan Stanley Investment Management announced Wednesday that it had promoted Stu Bohart to run its alternative investments. Mr. Bohart, 40, joined the Morgan Stanley unit in 1997 as a portfolio manager in asset management. He has run...

In Brief: April Drop in Millionaire Confidence Index #by#By Matt Ackermann.(Brief article)
May 4, 2006... Confidence among millionaires fell last month as gasoline prices rose sharply, according to Spectrem Group. The Spectrem Millionaire Investor Index put out monthly by the Chicago fell 3 points in April to what the firm called a "mildly...

In Brief: Ore. Insurer Teams Up with HSA Bank #by#By Matt Ackermann.(Brief article)
May 4, 2006... Regence Group Inc. of Portland, Ore., has partnered with the HSA Bank division of Connecticut's Webster Bank to give Regence customers access to health savings accounts. Regence HSA members can set up an HSA Bank health savings account by...

In Brief: New Survivorship Offering from Hancock #by#By Matt Ackermann.(Product/service evaluation)(Brief article)
May 4, 2006... John Hancock is offering a new survivorship universal life insurance policy. Protection SUL-G1 is designed for customers who need lifetime guaranteed death benefit coverage for two lives. It offers the flexibility to specify the duration...

In Brief: RiverSource Annuities Withdrawal Benefit #by#By Matt Ackermann.(RiverSource Annuities )(Product/service evaluation)(Brief article)
May 4, 2006... RiverSource Annuities of Minneapolis is adding RiverSource GWB for Life to its variable annuity offerings. The GWB in the name of the optional living benefit rider stands for guaranteed withdrawal benefit. It will be available this summer...

Multi-Affiliate Model for Asset Manager Flexibility.(Industry overview)
May 4, 2006... Money Management Executive Effectively marrying the specialization of a boutique firm with the scale and profitability of a larger organization, multi-affiliated asset managers are taking on an increasingly visible role in the money...

Pipeline.
May 4, 2006... Opportunity Knocks Anthony Meola said in an interview that his jump this week from running mortgage production at Washington Mutual Inc. to running it at New Century Financial Corp. had very little to do with his former employer and...

Open Solutions 1Q Profit Surprises, Increasing 58%.
May 4, 2006... After warning analysts in March to expect a break-even quarter, Open Solutions Inc. surprised Wall Street Tuesday by reporting first-quarter earnings of 21 cents a share, 50% better than a year earlier. Net income for the core processing...

S1 Is 'Exploring Alternatives' -- Possibly a Sale.(Company overview)
May 4, 2006... In response to pressure from an investment group that holds nearly 10% of its shares, S1 Corp. appears to have dropped its resistance to a sale, and has agreed to add a member of the group to its board. The banking technology vendor said...

In Brief: Citigroup Issuing One-Time Tokens.(Brief article)
May 4, 2006... Citigroup Inc. has begun issuing one-time password tokens from Vasco Data Security International Inc. of Oakbrook Terrace, Ill., to its small and midsize business customers for online authentication. Citi announced Tuesday that its 100,000...

In Brief: USA Technologies Restaurant Deal.(Brief article)
May 4, 2006... The Dallas restaurant chain Dave and Buster's Inc. has installed vending machines equipped with payment card readers using technology developed by USA Technologies Inc. USA Technologies, of Malvern, Pa., announced Wednesday that the chain...

In Brief: Wamu Cutting 250 Mortgage Jobs in S.C.(Brief article)
May 4, 2006... Washington Mutual Inc. said Wednesday that it is eliminating 250 jobs in South Carolina as it continues to adjust to the mortgage slowdown. The $349 billion-asset Seattle thrift company said it will lay off workers in its Florence...

In Brief: Citi Said Buying More of India Lender.(Finance Corp. of Bombay)(Brief article)
May 4, 2006... Citigroup Inc. has made a deal to more than triple its stake, to 13%, in India's largest mortgage company, according to India's Economic Times. The $1.6 trillion-asset New York company, which has a 3.6% stake in Finance Corp. of Bombay,...

In Brief: BankAtlantic Approves Big Buyback Plan.(Brief article)
May 4, 2006... BankAtlantic Bancorp Inc. of Fort Lauderdale said Wednesday that it had authorized a repurchase plan for 6 million shares of its class A common stock. That is 10% of its outstanding common, and the program would not replace an existing...

In Brief: S&P Raises Ratings Outlook for Citi, JPM.(Brief article)
May 4, 2006... Standard & Poor's Ratings Services on Wednesday revised its outlook on its ratings for both Citigroup Inc. and JPMorgan Chase & Co. and certain of their subsidiaries from "stable" to "positive." S&P said it revised its outlook for New...

Wachovia Buying Ameriprise 401(k) Unit.(Company overview)
May 4, 2006... Wachovia Corp. is buying Ameriprise Financial Inc.'s defined-contribution record keeping business to add scale in processing for 401(k) plans. The price was not disclosed. The Ameriprise business has 225 retirement plans and 682,000...

Advances in Operational Risk.(Industry overview)(Brief article)
May 5, 2006... More big financial firms have hired chief risk officers in the last year, according to the latest Financial Services Executive Forum, which focused on operational risk management. Over 80% of the respondents from large companies said they have...

New Century's EPS Beat Gets Cool Reaction.(Company overview)
May 5, 2006... Two days after a tough market caused ACC Capital Holdings Corp., the parent of Ameriquest Mortgage, to shut down its retail branch network, its biggest nonprime lending rival, New Century Financial Corp., posted better-than-expected...

Internet 'Neutrality': An Issue For Banks?(Industry overview)
May 5, 2006... The banking industry is weighing whether to oppose an attempt by telecommunications companies to change how businesses use the Internet. The debate is over so-called Net neutrality legislation, which would ban telecom companies from...

New Team at Wamu Has Some Citing Progress.(Washington Mutual Inc.)(Company overview)
May 5, 2006... At Washington Mutual Inc.'s investor conference in November, chairman and chief executive Kerry K. Killinger said "the right management team is in place to take the company to the next level." Three months later, two of the nine executives...

People.
May 5, 2006... New York, Ohio Style National City Corp. is hoping for some screen time and free advertising with next year's release of "Spider-Man 3." In mid-April Columbia Pictures shot some alternative action scenes for the movie, which is set in...

Fannie and Freddie Accused.(Brief article)
May 5, 2006... Fannie Mae and Freddie Mac are using a prolonged debate over regulatory reform as a "window of opportunity" in which to launch new business ventures, two House members argued in a letter to the Department of Housing and Urban Development. ...

Hot Issues Cut From Senate's Reg-Relief Bill.
May 5, 2006... The Senate Banking Committee approved legislation Thursday that would lighten the regulatory burden on banks, thrifts, and credit unions, but lawmakers intentionally skirted contentious issues that could still doom the bill. It passed, as...

High-Tech Branch in Texas Keeps Starbucks Hours.(PlainsCapital Bank )(Company overview)
May 5, 2006... A traditional Texas bank's experiment in automated banking is showing signs of promise. A branch that the $2.7 billion-asset PlainsCapital Bank opened April 3 in Lubbock, its hometown, features touch-screen computers at which customers can...

In Brief: NBC of Miss. to Raise $47M.(NBC Capital Corp.)(Brief article)
May 5, 2006... NBC Capital Corp. in Starkville, Miss., said Thursday that it plans to raise about $46.8 million in a public offering. The $1.4 billion-asset company likely to use much of the money to fund its out-of-state expansion. In March it announced...

In Brief: Direct Offering by Vineyard.(Vineyard National Bancorp )(Brief article)
May 5, 2006... Vineyard National Bancorp in Rancho Cucamonga, Calif., said Thursday that it plans to raise $31.8 million by selling 1.2 million shares of common stock to three institutional investors in a direct offering. The sale is expected to close...

In Brief: Restatement After Settlement.(Mercantile Bancorp Inc. )(Brief article)
May 5, 2006... The $1.1 billion-asset Mercantile Bancorp Inc. in Quincy, Ill., announced Thursday that it had restated its first-quarter earnings after reaching an out-of-court settlement with a brokerage firm that had sued it. The $2.2 million reported...

Bigger Sales Force Helps Heartland Profit Soar 63%.
May 5, 2006... The merchant processor Heartland Payment Systems attributed strong first-quarter profit to expansion of its in-house sales force and improvements in technology. The Princeton, N.J., company made $4.4 million, 63% more than a year earlier....

Hypercom Posts Profit, Bucking a 1Q Trend.
May 5, 2006... The point of sale terminal maker Hypercom Corp. reported strong first-quarter numbers Thursday for what is usually a seasonally weak period. The Phoenix company reported net income of $3.1 million, compared to a loss of $9.6 million in the...

Security Watch.
May 5, 2006... Breaches Ohio University is learning a hard lesson about data security. A server that the school believed was not connected to a network - and which had not received any kind of security patch for more than a year - was hacked and used...

Liberty Acquisition Gives Harland a Lift.
May 5, 2006... John H. Harland Co. posted solid first-quarter earnings and said an acquisition last year had partly offset an industrywide slowdown in the use of paper checks. The Atlanta check printer said Wednesday that its profit rose 24% compared...

Viepoint: Secret Weapon: Yes, the Business Card.
May 5, 2006... In your entire life, have you ever had a banker personally ask you, an individual, to bank with his or her bank? I often pose that benign-sounding question to groups of bankers in order to make a simple point. New and veteran bankers alike...

Viepoint: Phony Explanation for Widening Loan Disparity.(Industry overview)
May 5, 2006... A statistical firestorm surrounded the 2004 Home Mortgage Disclosure Act data as soon as it was released last spring. For the first time the data set included information about loan pricing, including those at 3% above the rate of return on...

In Brief: Conseco Earnings Plunge; CEO Leaving.(Brief article)
May 5, 2006... Conseco Inc. said Thursday that its president and chief executive is leaving and that litigation reserve costs cut into first-quarter earnings. The Carmel, Ind., company was scheduled to report earnings after the market closed, but it...

In Brief: Mellon Unit Gets Illinois Pension Job.(Boston Company Asset Management LLC)(Illinois State Board of Investments)(Brief article)
May 5, 2006... Mellon Financial Corp. of Pittsburgh announced Thursday that a subsidiary will manage $270 million in an international core equity strategy for the Illinois State Board of Investments. The agency runs the state's pensions. The Mellon unit...

In Brief: Safeco Hikes Payout, OKs $200M Buyback.(Brief article)
May 5, 2006... Safeco Corp., a Seattle property and casualty insurer, has increased its dividend 20% and approved a $200 million common stock buyback. A first-quarter dividend of 30 cents a share will be payable July 24 to shareholders of record as of...

Scottrade CEO 'Absolutely Not Interested' in Selling.(Rodger Riney)(Company overview)
May 5, 2006... Scottrade Inc. has clung to its independence over the past several years, relying on low commissions and comparatively extensive branch network to compete with the biggest firms in the rapidly consolidating online-brokerage business. ...

Operational Risk: Who's Making Progress.(Industry overview)
May 5, 2006... Financial companies are still trying to get a grip on the amorphous concept of "operational risk," but big ones are making more progress, the latest Executive Forum, American Banker's quarterly online survey of leaders of financial companies,...

Note.(Brief article)
May 5, 2006... What do you think of this Financial Services Executive Forum? To share your insights, comments, or ideas for survey themes and questions, please go to www.americanbanker.com, click "Viewpoints/Letters," and scroll to the "Send a Letter"...

Charge Hurts PMI's Earnings.(Brief article)
May 5, 2006... PMI Group Inc.'s first-quarter profit climbed 4%, to $101.2 million -- less than analysts had predicted, partly because of a $2 million charge for the closing of four U.S. mortgage insurance field offices. Earnings per share increased 9%,...

Correction.(Correction notice)
May 5, 2006... In the April 28 paper, the page 20 story "Sovereign Wins Praise for Plan to Finance Deal" understated the price of the depositary shares that the Philadelphia company offered last week. It was $25, not $2.50. Also, Sovereign did not postpone...

In NYC Region, Target Spotlight On Valley of N.J.(Industry overview)
May 5, 2006... Recent consolidation has reduced the number of attractive independent banks in the New York region and put Valley National Bancorp, a $12.3 billion-asset company in Wayne, N.J., on analysts' radar. On Thursday, Joseph Fenech, an analyst at...

In Brief: Home Loan Banks: Ditch the Proposal.(Brief article)
May 5, 2006... The 12 Federal Home Loan banks sent a letter this week to the Federal Housing Finance Board asking that it scrap its proposal to require the banks to raise retained earnings and limit excess stock. The proposal "may have substantial and...

In Brief: Fed's Bies Defends Lending Proposals.(Brief article)
May 5, 2006... Federal Reserve Board Governor Susan Bies defended two interagency proposals that would tighten rules for commercial real estate lending and nontraditional mortgages. Speaking Thursday at a conference in Florida, Ms. Bies acknowledged that...

In Brief: More CRA Trouble For Tex., Md. Banks.(Oakwood State Bank in Texas and Saint Casimir's Savings Bank in Baltimore)(Brief article)
May 5, 2006... The Federal Deposit Insurance Corp. gave "substantial noncompliance" Community Reinvestment Act ratings to two banks with histories of poor CRA compliance, Oakwood State Bank in Texas and Saint Casimir's Savings Bank in Baltimore. Oakwood...

In Brief: W. Holding Reports Steep Profit Decline.(Brief article)
May 5, 2006... W Holding Co. Inc. of Mayaguez, Puerto Rico, reported that its first-quarter profit fell 22.7% from a year earlier, to $35.4 million. The company, which announced its results late Wednesday, blamed the flat yield curve, rising taxes, and...

Talent Grab: A Tactic at Ga.'s United.(United Community Banks Inc., Blairsville, Georgia)
May 8, 2006... On the morning of Jan. 3, William Hazlip told his superiors at SunTrust Banks Inc. that after more than a quarter century of service, he was quitting for a new opportunity. That afternoon he left the SunTrust branch in Savannah, Ga., where...

Ruling on Nonprofits Latest Blow To the FHA.(Federal Housing Administration)
May 8, 2006... An Internal Revenue Service ruling against down-payment gift providers is expected to make it even harder for the Federal Housing Administration mortgage insurance program to hold on to, much less regain, market share. Over the last few...

So Far, This Cycle Seems More About Loan Pricing Than Quality.(bank lending)(Industry overview)
May 8, 2006... Business cycles reveal themselves only over months or years, so they are of little use to corporate managers forced to make meaningful decisions every day and every week. But it is particularly difficult to apply the lessons of a cycle...

New Cities for Sovereign Specialty Loan Expansion.(Sovereign Bancorp Inc.)
May 8, 2006... Sovereign Bancorp Inc.'s specialty lending operation has grown 20% a year over the past decade, and in the last couple of weeks the company has entered three new cities. It opened an auto lending office in Phoenix on Tuesday and two...

Executive Changes.
May 8, 2006... MIDDLE ATLANTIC Deutsche Bank Securities Inc. of New York has named Charles McIlvaine and Keith Wargo the co-heads of its consumer investment banking practice in the Americas. Mr. McIlvaine, a new hire, has also been named a managing...

Premiums Make FDIC Rebates Bigger Issue.(Federal Deposit Insurance Corp.)
May 8, 2006... WASHINGTON -- The Federal Deposit Insurance Corp. is set Tuesday to show how it plans to distribute rebates back to banks if the agency's fund grows too large. The issue could be critical for the financial services industry once the agency...

Washington People.
May 8, 2006... Almost Right It is rare that lawmakers acknowledge mistakes in Washington, but Rep. Barney Frank issued a mea culpa recently in a letter to the Federal Deposit Insurance Corp. In an earlier letter, dated April 19, the Massachusetts...

Hartford Hires Ex-Travelers CFO.(Glenn Lammey, Hartford Financial Services Group Inc.)(Brief article)
May 8, 2006... Hartford Financial Services Group Inc. has put Glenn Lammey, a former chief financial officer of Travelers Life and Annuity Co., in the same job at its own life insurance unit. Citigroup Inc. sold Travelers Life in mid-2005 to MetLife Inc....

Wells Shopping for More Institutional Trust Deals.(Wells Fargo and Co.)
May 8, 2006... Wells Fargo & Co. intends to remain a buyer, not a seller, in the rapidly consolidating business of institutional trust services, an executive says. "There has been a lot of consolidation in this business, because a lot of banks don't...

TRM Secures New Financing.
May 8, 2006... TRM Corp., which raised worries last month that its inability to service its loans could put it out of business, says it has a tentative deal to refinance them. Chief executive and president Jeffrey F. Brotman said Thursday that the...

Casino Specialist's Interchange Rx: Private-Label Card.(Global Cash Access to market new credit card)
May 8, 2006... Another company is attempting to circumvent credit card interchange -- this time, in the gambling industry. Global Cash Access plans to begin marketing a private-label credit card this month that will let casino patrons draw their entire...

In Brief: NovaStar 1Q Decline More than Expected.(Brief article)
May 8, 2006... NovaStar Financial Inc.'s first-quarter profit dropped more than expected, as the subprime lender and real estate investment trust financed loans on the balance sheet rather than selling them through securitizations. The Kansas City, Mo.,...

In Brief: Impac Names Chief Operating Officer.(Brief article)
May 8, 2006... Impac Mortgage Holdings Inc. promoted Richard J. Johnson, its chief financial officer, to chief operating officer. He succeeded William S. Ashmore, who remains the president and a director. Gretchen D. Verdugo, formerly the chief...

In Brief: Citi's Lava Plans Web Forex System.(Citigroup Inc.'s Lava Trading Inc.)(Brief article)
May 8, 2006... A Citigroup Inc. subsidiary plans to offer Internet foreign-exchange trading to the interbank market through a hosted system rather than dedicated hardware terminals. The subsidiary, Lava Trading Inc. of New York, announced the plan late...

In Brief: eFunds Revenue Up But Earnings Down.(Brief article)
May 8, 2006... eFunds Corp., a provider of electronic payment software and services, said higher costs in its electronic payments business drove down first-quarter profits despite an increase in revenue. The Scottsdale, Ariz., company reported net income...

In Brief: 4 Banks Sign to Use Fundtech's PAYplus.(connection to Bank of New York Company Inc.'s Persutte Global F.A.S.T. DirectPay service)(Brief article)
May 8, 2006... Fundtech Ltd. said four banks have signed up to use its PAYplus USA interface to connect to Bank of New York Co. Inc.'s Persutte -- Global F.A.S.T. DirectPay service for international payment processing. Fundtech, of Jersey City, provides...

Nacha's Top Banks: Biggest originators and receivers of automated clearing house payments in 2005*.(Statistical data)
May 8, 2006... Number of transactions Originators Debits Credits Total Change 1 JPMorgan Chase New York 1,889,549,918 818,346,014 2,707,895,932 17.7% 2 Bank of America Corp. Charlotte 370,710,262 508,349,320...

Analysts Say PNC Initiative Paying In Strong Results.(PNC Financial Services Group Inc.)
May 8, 2006... Two analysts reiterated favorable ratings on PNC Financial Services Group Inc.'s shares last week, citing earnings growth and the Pittsburgh company's focus on cutting expenses. Edward Najarian and David Hilder met recently with the...

In Brief: SunTrust Pilot Tests Sam's Club Locales.(SunTrust Banks Inc. in alliance with Wal-Mart Stores Inc.)
May 8, 2006... SunTrust Banks Inc. has launched a pilot program with Wal-Mart Stores Inc. that will put branches inside of Sam's Club wholesale stores. The $179 billion-asset Atlanta banking company opened the first such branch in Chesapeake, Va., on...

In Brief: Mutual Funds Will Need to File SARs.(suspicious-activity reports)(Brief article)
May 8, 2006... Mutual funds will have to begin filing suspicious-activity reports with the Financial Crimes Enforcement Network after Oct. 31, the agency said last week. Fincen said the rule would make mutual fund reporting requirements uniform with...

In Brief: Estimates and Target For MasterCard Inc.(Brief article)
May 8, 2006... An analyst released what appears to be the first earnings estimates and price target for MasterCard Inc. and said pending lawsuits should make the shares trade at a slight discount to American Express Co. In a research note Friday, Craig...

In Brief: Ocwen Shareholders Approve Stock Splits.(Brief article)
May 8, 2006... Ocwen Financial Corp. said Friday that shareholders had approved a plan to redeem shares owned by its smallest stakeholders by pursuing a 1-for-10 reverse stock split followed immediately by a 10-for-1 forward split on May 12. Accounts...

Risky Step or Measured One? Taking an Oath.(Wachovia Corp.'s acquisition of Golden West Financial Corp.)
May 9, 2006... Another measured step in Wachovia Corp.'s expansion or a step too far? That was the question analysts seemed to wrestle with on Monday in the wake of Wachovia's $25.5 billion deal for Golden West Financial Corp. In size terms, Golden...

Sale Highlights An Agency's Challenge.(Office of Thrift Supervision)
May 9, 2006... WASHINGTON -- Sunday's big merger announcement raised a perennial public policy question: Are there enough thrifts to justify a separate federal regulatory agency? The number the Office of Thrift Supervision supervises has declined every...

Fannie's CEO On Portfolio, Politics, and Its 'Mission'.(Dan Mudd, chief executive officer, Federal National Mortgage Association)(Interview)
May 9, 2006... WASHINGTON -- There is no clearer sign that Dan Mudd, the chief executive of Fannie Mae, is taking a different approach from his predecessor than the way Mr. Mudd discusses his company's mission. For years the government-sponsored...