20.11.2002: Meldung: Fannie Mae Announces New Officers
today announced that its board has elected Peter Niculescu as its
Executive Vice President - Mortgage Portfolio Business, Donald Remy as
Senior Vice President and Deputy General Counsel, and David Flaxman as
Chief eSolutions Technology Officer for Fannie Mae"s Ebusiness.
In addition, the company announced the appointment of Randall Bendine
as Vice President and Chief Credit Officer for Multifamily, David
Magidson as Vice President for Finance and Portfolio Systems, Bradford
Martin as Vice President for Risk-Based Capital, and Christine Wolf as
Vice President for Compensation and Benefit.
As Executive Vice President - Mortgage Portfolio Business, Peter
Niculescu will assume responsibility for directing the strategy, asset
acquisition, funding, and interest-rate risk management of Fannie
Mae"s $750 billion mortgage portfolio.
Prior to his promotion, Niculescu was senior vice president of
portfolio strategy and was responsible for developing mortgage
acquisition, funding, and hedging strategies for Fannie Mae"s mortgage
portfolio, as well as directing the company"s research and analysis of
mortgage asset and portfolio valuation models and analytic tools.
Niculescu will report to the company"s Chief Financial Officer,
Timothy Howard, who has overseen the company"s record financial
Before joining Fannie Mae in March 1999, Niculescu was managing
director and co-head of fixed-income research and strategy for Goldman
Sachs. He was responsible for mortgage research and fixed income
strategy, and had joint oversight of quantitative modeling and
applications development. Niculescu joined Goldman Sachs in 1990.
Prior to that, he held positions in fixed-income research and
portfolio management at Salomon Brothers and Sanford C. Bernstein and
Company. Niculescu received a Ph.D. from Yale University and a B.A.
from the Victoria University of Wellington in New Zealand.
As Senior Vice President and Deputy General Counsel, Donald Remy will
be responsible for the development, implementation, maintenance and
enforcement of a comprehensive program for managing Fannie Mae"s legal
and regulatory compliance risk.
In addition, he will continue to handle multiple practice areas in
Fannie Mae"s Legal Department, including employment law, the Office of
Corporate Justice, litigation, antitrust, and general insurance
Remy joined Fannie Mae in 2000 as Vice President and Deputy General
Counsel with responsibility for litigation, antitrust, insurance
coverage, and employment matters. Prior to joining Fannie Mae, he
served in the U.S. Department of Justice, most recently as Deputy
Assistant Attorney General, heading the Civil Division"s Torts Branch.
Prior to that he was an attorney with O"Melveny & Myers, LLP and with
the Department of Defense. He also served as clerk to the Honorable
Nathaniel Jones, U.S. Court of Appeals for the Sixth Circuit. Remy
received a J.D. from Howard University and a B.A. from Louisiana State
As Chief eSolutions Technology Officer in Fannie Mae"s eBusiness
division, David Flaxman, who will join the company in early December,
will have responsibility for designing, building, and operating all
technology solutions in the realm of eSolutions, including Desktop
Originator and Desktop Underwriter. He also will be responsible for
technology architecture issues in eBusiness.
Flaxman joins Fannie Mae from Answerthink, where he served as a
co-founder and most recently managing director and chief technology
officer. Answerthink is a systems integration and management
consulting firm that works with a broad range of Global 2000 clients.
Prior to founding Answerthink in 1997, Flaxman spent two years at KPMG
as managing partner, electronic commerce and chief scientist.
>From 1992-1995, he served as Director, Global Architecture Practice at
Sybase and from 1982-1992, Flaxman served in a number of technology
roles at Goldman Sachs. Earlier in his career, he held positions at
International Harvester and Emcom Corporation. Flaxman received an
M.A. from Johns Hopkins University and a B.A. from Michigan State
As Vice President and Chief Credit Officer for Multifamily, Randall
Berdine will have responsibility for developing and managing the debt
and equity credit policies for all multifamily lending activities.
Berdine joined Fannie Mae in 1996 as director of multifamily credit
policy. Prior to joining Fannie Mae, he served as Chief Credit Officer
and Chief Operating Officer for The Cap Source.
In addition, he has held multiple positions at The Travelers, most
recently as Vice President, Capital Markets. Berdine received an M.S.
in Taxation from Colorado State University and a B.S. from Iowa State
As Vice President for Finance and Portfolio Systems in the Enterprise
Systems and Operations Division, David Magidson will have
responsibility for systems and technical support for all applications
associated with the portfolio business. This includes Mortgage
Securities Trading, REMIC Bond Administration, and Portfolio
Magidson joined Fannie Mae in 1985 through our Business Systems
Training program, where after completing the program he took a
position as an analyst. Since 1999 he has served as Director of
Information Systems. Magidson earned a B.S. from State University of
New York at Stonybrook.
As Vice President for Risk-Based Capital in the Finance Division,
Bradford Martin will have responsibility for coordinating the
company"s compliance with its risk-based capital ("RBC") standard.
Martin joined Fannie Mae in 1985 as a business analyst, since that
time he has held multiple positions with increasing responsibility
within the Finance division. Since 1999 he has served as Director,
Finance. Martin received an M.B.A. and a B.S. from the University of
Earlier this year, the company also appointed Judith C. Dunn as vice
president and deputy general counsel. She is responsible for
management and oversight of the legal department"s tax group and for
Prior to joining Fannie Mae, Dunn was deputy chief counsel
(operations) for the Internal Revenue Service. In that position, she
was responsible for supervising IRS field attorneys, IRS litigation,
and a variety of regulatory matters. Dunn also served as the associate
chief counsel (domestic) where she was responsible for matters
relating to financial products, tax accounting, corporations, and
partnerships. From 1991 to 1995, she served in the U.S. Department of
Treasury as Deputy Tax Legislative Counsel for Regulatory Affairs.
Prior to joining the IRS and Treasury, Dunn was a partner at the
Washington, D.C. office of Ropes & Gray where her practice involved
federal taxation. She also served as attorney-advisor to then-Chief
Judge Theodore Tannenwald of the U.S. Tax Court. Dunn received a J.D.
from Harvard Law School and a B.S. in accounting from the University
Also, earlier this year, the company appointed David Benson as vice
president/assistant treasurer. His duties include the execution of the
firm"s liability and liquidity management strategy within the
Prior to joining Fannie Mae in July, Benson worked for Merrill Lynch
where he was managing director and head of e-Commerce for the fixed
income division. He previously held positions in risk management, US
MTN and FRN trading, European high-grade credit trading and
syndication, and Emerging Markets syndicate, currency and derivative
Benson has an M.B.A. from Stanford Business School, an M.D. degree
from Harvard Medical School, and a B.S. degree from the University of
California, Los Angeles.
Also, the company appointed Christine Wolf as vice president for
compensation and benefit. She has responsibility for managing and
integrating the company"s compensation and benefit functions.
Wolf joined Fannie Mae in September. She has more than 18 years of
compensation and benefits experience from a diverse array of
organizations, including satellite communications company Comsat,
telecommunications company Teligent, human resources consulting firm
Watson-Wyatt, and defense contractor Martin Marietta Data Systems.
She most recently served as head of HR for Soza--a start-up
professional services firm. Wolf has a B.S. in Economics and
Industrial Relations from Boston College, and an M.B.A. in HR
Management from the George Washington University.
Fannie Mae is a New York Stock Exchange company and the largest
non-bank financial services company in the world. It operates pursuant
to a federal charter and is the nation"s largest source of financing
for home mortgages.
Fannie Mae is working to shrink the nation"s "homeownership gaps"
through a $2 trillion "American Dream Commitment" to increase
homeownership rates and serve 18 million targeted American families by
the end of the decade. Since 1968, Fannie Mae has provided over $4
trillion of mortgage financing for 47 million families.
More information about Fannie Mae can be found on the Internet at
Style Usage: Fannie Mae"s Board of Directors has authorized the
company to operate as "Fannie Mae," and the company"s stock is now
listed on the NYSE as "Fannie Mae." In order to facilitate clarity and
avoid confusion, news organizations are asked to refer the company
exclusively as "Fannie Mae."
3900 Wisconsin Avenue, NW
Washington, DC 20016-2892
Janis Smith, 202/752-6673