Fannie executives were forced out after investigating evidence of potential wrongdoing by FHFA Director Bill Pulte, sources say.

The prospects of a year-end stock offering didn’t prevent the wholesale reshuffle in Fannie Mae leadership.

Fannie Mae Chief Operating Officer Peter Akwaboah will serve as acting CEO, pending a search for Priscilla Almodovar’s successor. EVPs Brandon Hamara and John Roscoe will serve as co-presidents.

Personnel moves at GSEs; Pulte warns lenders; GSE capital markets update; new reports from FHFA’s OIG.

An OIG report noted that FHFA has been following appropriate procedures when it reviews GSE proposals for employee retention awards.

FHFA may have dealt with last year’s controversy over executive compensation at Fannie Mae, but it still has a long way to go to fix its in-house issues with executive compensation reviews.

The Federal Housing Finance Agency’s OIG found that the $250,000 “retention award” in question could amount to the payment of a “bonus” in violation of the STOCK Act.

Shortly before his departure in June 2021, former FHFA Director Mark Calabria and his then-Chief of Staff John Roscoe pressed Fannie Mae CEO Hugh Frater to give a $250,000 bonus to a Fannie executive.