Daniel Mudd
Encyclopedia
Daniel H. Mudd is the former President and CEO of Fannie Mae, a post he held from 2005-2008.
He is the son of TV anchor
, Roger Mudd
. He holds a B.A.
degree in American history from the University of Virginia
and an M.P.A. from the John F. Kennedy School of Government
at Harvard University
. Mudd was an Officer
in the United States Marine Corps
and was decorated for his combat service in Beirut
. After a tour in the Office of the Secretary of Defense
, he left the service to get his M.P.A.
Mudd has been an advisor to Asia-Pacific Economic Cooperation
(APEC) and has served on boards of the Council on Foreign Relations
, the National Building Museum
, Hampton University
, Local Initiatives Support Corporation The University of Virginia board of Trustees, and the Sidwell Friends School
.
Early in his career, Mudd held positions in financial services and management consulting at the World Bank
, Ayers Whitmore and Company, and Xerox Corporation. Mudd later worked at GE Capital in International Financing, European Fleet Services, and Business Development. At GE Capital, he became Vice President for Business Development in 1991, was Managing Director for International Financing from 1993 to 1995, and became President and CEO for European Fleet Services in 1995. From 1996 to 1999, he was president of GE Capital Asia-Pacific. Mudd was previously president and CEO of GE Capital
, Japan before he joined Fannie Mae in February 2000.
In February 2000, Mudd became a Director and Vice Chairman and Chief Operating Officer at Fannie Mae. He remained Chief Operating Officer until December 21, 2004. Mudd was named interim CEO of Fannie Mae in December 2004, after Franklin Raines
stepped down after the U.S. Securities and Exchange Commission (SEC) found Fannie Mae had violated accounting rules. Mudd served as interim CEO of Fannie Mae until March 2005, and became the President and CEO of Fannie Mae on June 1, 2005.
Mudd was a Director at Ryder System, Inc from 2002 to 2007. In 2007, Mudd became a Director at Fortress Investment Group
. Forbes
ranked Mudd 182nd in executive pay in 2005, 323rd in 2006, 337th in 2007, and 202nd in 2008.
Mudd collected more than $80 million in his time at Fannie Mae. He was dismissed as CEO when FHFA stepped in as conservator
on September 7, 2008. The government has advised him that his severance package will not be paid.
On December 9, 2008, he testified before the United States House Committee on Oversight and Government Reform on Capitol Hill regarding Fannie Mae, Freddie Mac, and financial market instability.
Mudd currently is working as the CEO of Fortress Investment Group, a hedge fund in New York City that has bought tax liens on delinquent property taxes from local governments under 17 different corporate names. Some evoke tranquil, bucolic settings, such as Pleasant Valley Capital, LLC and Travis Farm Investments, LLC. He now resides in Greenwich, Connecticut with his family.
He is the son of TV anchor
News presenter
A news presenter is a person who presents news during a news program in the format of a television show, on the radio or the Internet.News presenters can work in a radio studio, television studio and from remote broadcasts in the field especially weather...
, Roger Mudd
Roger Mudd
Roger Mudd is a U.S. television journalist and broadcaster, most recently as the primary anchor for The History Channel. Previously, Mudd was weekend and weekday substitute anchor of CBS Evening News, co-anchor of the weekday NBC Nightly News, and hosted NBC's Meet the Press, and NBC's American...
. He holds a B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
degree in American history from the University of Virginia
University of Virginia
The University of Virginia is a public research university located in Charlottesville, Virginia, United States, founded by Thomas Jefferson...
and an M.P.A. from the John F. Kennedy School of Government
John F. Kennedy School of Government
The John F. Kennedy School of Government at Harvard University is a public policy and public administration school, and one of Harvard's graduate and professional schools...
at Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
. Mudd was an Officer
Officer (armed forces)
An officer is a member of an armed force or uniformed service who holds a position of authority. Commissioned officers derive authority directly from a sovereign power and, as such, hold a commission charging them with the duties and responsibilities of a specific office or position...
in the United States Marine Corps
United States Marine Corps
The United States Marine Corps is a branch of the United States Armed Forces responsible for providing power projection from the sea, using the mobility of the United States Navy to deliver combined-arms task forces rapidly. It is one of seven uniformed services of the United States...
and was decorated for his combat service in Beirut
Beirut
Beirut is the capital and largest city of Lebanon, with a population ranging from 1 million to more than 2 million . Located on a peninsula at the midpoint of Lebanon's Mediterranean coastline, it serves as the country's largest and main seaport, and also forms the Beirut Metropolitan...
. After a tour in the Office of the Secretary of Defense
Office of the Secretary of Defense
The Office of the Secretary of Defense is a headquarters-level staff of the Department of Defense of the United States of America. It is the principal civilian staff element of the Secretary of Defense, and it assists the Secretary in carrying out authority, direction and control of the Department...
, he left the service to get his M.P.A.
Mudd has been an advisor to Asia-Pacific Economic Cooperation
Asia-Pacific Economic Cooperation
Asia-Pacific Economic Cooperation is a forum for 21 Pacific Rim countries that seeks to promote free trade and economic cooperation throughout the Asia-Pacific region...
(APEC) and has served on boards of the Council on Foreign Relations
Council on Foreign Relations
The Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...
, the National Building Museum
National Building Museum
The National Builders Museum, in Washington, D.C., United States, is a museum of "architecture, design, engineering, construction, and urban planning"...
, Hampton University
Hampton University
Hampton University is a historically black university located in Hampton, Virginia, United States. It was founded by black and white leaders of the American Missionary Association after the American Civil War to provide education to freedmen.-History:...
, Local Initiatives Support Corporation The University of Virginia board of Trustees, and the Sidwell Friends School
Sidwell Friends School
Sidwell Friends School is a Quaker private school located in Bethesda, Maryland and Washington, D.C., offering pre-kindergarten through secondary school classes. Founded in 1883 by Thomas Sidwell, its motto is "Eluceat omnibus lux" , alluding to the Quaker concept of inner light...
.
Early in his career, Mudd held positions in financial services and management consulting at the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
, Ayers Whitmore and Company, and Xerox Corporation. Mudd later worked at GE Capital in International Financing, European Fleet Services, and Business Development. At GE Capital, he became Vice President for Business Development in 1991, was Managing Director for International Financing from 1993 to 1995, and became President and CEO for European Fleet Services in 1995. From 1996 to 1999, he was president of GE Capital Asia-Pacific. Mudd was previously president and CEO of GE Capital
GE Capital
GE Capital is the financial services unit of General Electric, one of five major units. Its various divisions include GE Capital Aviation Services, GE Capital Real Estate, GE Energy Financial Services and GE Money....
, Japan before he joined Fannie Mae in February 2000.
In February 2000, Mudd became a Director and Vice Chairman and Chief Operating Officer at Fannie Mae. He remained Chief Operating Officer until December 21, 2004. Mudd was named interim CEO of Fannie Mae in December 2004, after Franklin Raines
Franklin Raines
Franklin Delano "Frank" Raines is an American business executive. He is the former chairman and chief executive officer of the Federal National Mortgage Association, commonly known as Fannie Mae, who served as White House budget director under President Bill Clinton...
stepped down after the U.S. Securities and Exchange Commission (SEC) found Fannie Mae had violated accounting rules. Mudd served as interim CEO of Fannie Mae until March 2005, and became the President and CEO of Fannie Mae on June 1, 2005.
Mudd was a Director at Ryder System, Inc from 2002 to 2007. In 2007, Mudd became a Director at Fortress Investment Group
Fortress Investment Group
Fortress Investment Group LLC is an investment management firm based in New York, New York. The company went public on February 9, 2007.-History:...
. Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
ranked Mudd 182nd in executive pay in 2005, 323rd in 2006, 337th in 2007, and 202nd in 2008.
Mudd collected more than $80 million in his time at Fannie Mae. He was dismissed as CEO when FHFA stepped in as conservator
Conservatorship
Conservatorship is a legal concept in the United States of America, where an entity or organization is subjected to the legal control of an external entity or organization, known as a conservator. Conservatorship is established either by court order or via a statutory or regulatory authority...
on September 7, 2008. The government has advised him that his severance package will not be paid.
On December 9, 2008, he testified before the United States House Committee on Oversight and Government Reform on Capitol Hill regarding Fannie Mae, Freddie Mac, and financial market instability.
Mudd currently is working as the CEO of Fortress Investment Group, a hedge fund in New York City that has bought tax liens on delinquent property taxes from local governments under 17 different corporate names. Some evoke tranquil, bucolic settings, such as Pleasant Valley Capital, LLC and Travis Farm Investments, LLC. He now resides in Greenwich, Connecticut with his family.