Fannie Mae Brings in Big Accounting Guns

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Fannie Mae on Tuesday, May 18, 2005, announced the hiring of nine new officers as part of a reorganization effort in the mortgage giant's finance division. The finance division oversees financial controls and accounting. The reorganization is the latest attempt by Fannie Mae to resolve accounting issues dating from 2002 and curtail talk of congressional reform.

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“This is the first phase of a very significant reorganization, which the Board has approved. Reorganizing and strengthening our finance area is a top priority as we progress through the review, re-audit and restatement process,” says H. Patrick Swygert, a Fannie Mae board member and chair of the Board's Compliance Committee. “We are addressing departmental roles and responsibilities, lines of reporting, segregation of duties, and independence and alignment of functions.”

Eight of the new officers are in the Controller's Office, which has responsibility for four major functions including Financial controls and Systems, Financial Reporting, Accounting Operations and Valuation and Price Verification. The new officers are:

  • R. Scott Blackley, C.P.A., Senior Vice President – Accounting Policy
  • Mary B. Doyle, C.P.A., Senior Vice President – Financial Controls and Systems
  • Gregory H. Kozich, C.P.A., Senior Vice President – Accounting
  • Paul A. Noring, C.P.A., Senior Vice President – Finance
  • James Kelly Ardrey, C.P.A., Vice President for Assets Accounting
  • Patricia Black, Vice President for Financial Controls
  • Nigel D. Brazier, Vice President and Business Unit Controller
  • James W. Horne, C.M.T. Vice President for Accounting Systems
  • Nicholas Radesca, C.P.A., Vice President for Financial Reporting

“Strengthening the Controller's Office is another link in the chain. We are rebuilding Fannie Mae one link at a time. We will have better checks and balances, a better distribution of key responsibilities, and improved oversight and controls,” states Daniel H. Mudd, interim Chief Executive Officer. “This new team of accounting executives will help ensure that we remain a strong business partner for the housing industry and are better able to fulfill our housing mission.”

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