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Embattled Fortress Chief Takes Leave After SEC Suit
December 21, 2011
Fortress chief executive Daniel Mudd, who faces accusations that he misled investors while the top executive of Fannie Mae, has announced he will take a leave of absence from his current role at the publicly traded asset management firm.
Last week, SEC sued Mr. Mudd and five other former executives at Fannie Mae and Freddie Mac, the two mortgage giants that helped feed the housing bubble. In one of the most significant federal actions taken against crucial players in the mortgage crisis, the SEC accused Mr. Mudd of playing down Fannie Mae’s exposure to risky loans.
Mr. Mudd and the other executives have vowed to challenge the accusations, noting that Fannie and Freddie routinely disclosed their exposure to subprime loans in regulatory filings.
But while he fights the SEC, Mr. Mudd has decided to step away from Fortress.
Mudd will be replaced temporarily by Randal Nardone, who co-founded Fortress. [Dealbook 12/20/11]
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