Fannie Names New Officers in Shake-Up

Fannie Mae shook up its senior management in a move it said was designed to drive the mortgage company's efforts to conserve capital and contain a surge in costs stemming from defaults by homeowners.

The company, struggling with losses that have called into question its ability to survive without a government bailout, announced the departures of Robert Levin, a 27-year veteran who was chief business officer, and two executives who joined within the past two years: Stephen Swad, who was chief financial officer; and Enrico Dallavecchia, who was chief risk officer.

Fannie promoted Peter Niculescu to chief business officer with ...