Mortgage giant Fannie Mae, which has been trying to plot a way out of government conservatorship, just saw another round of top leader exits

  • Fannie Mae’s heads of capital markets and digital products within its single-family business are leaving, Business Insider has learned. 
  • The US government-controlled mortgage giant notified employees of the changes on Tuesday through internal memos and team calls, according to people familiar with the matter. 
  • The changes come one month after Fannie Mae said it would reorganize its reporting structure within the single-family business, which is its largest, and made other top leadership changes. 
  • President Donald Trump’s administration has sought to end Fannie Mae’s government conservatorship, but President-elect Joe Biden’s administration is unlikely to take that route, at least in the near term. 
  • Visit Business Insider’s homepage for more stories.

More longtime senior leaders at Fannie Mae are set to depart, and the exits come weeks after US government-controlled mortgage giant shook up its largest business line. 

Business Insider has learned that the single-family business line’s head of capital markets, Renee Schultz, and Henry Cason, its head of digital products, will leave Fannie Mae in the second quarter of 2021 and at the end of this year, respectively.

The personnel changes were communicated on Tuesday to employees on team calls and through internal memos. 

Schultz and Cason are both longtime Fannie Mae employees. Schultz has been with the firm for 22 years, Cason for 27 years, according to a spokesperson who confirmed the exits. The Fannie Mae spokesperson did not specify who would succeed the two leaders. 

Cason has played a large role in developing some of Fannie Mae’s tech platforms — Desktop Underwriter, Servicing Management Default Underwriter, and Equator — and has led teams that focus on digitizing the mortgage process. Schultz has focused on areas including growing its whole loan conduit for liquidity to small- and mid-sized customers, and played a large role in developing Fannie Mae’s uniform mortgage-backed security. 

“Henry and Renee will work with company management to ensure a smooth transition focused on delivering for our customers and homeowners during this extraordinary time and ensuring continued safety and soundness. We are grateful for their many contributions to our customers and mission,” the spokesperson said. 

Fannie Mae, which, along with its counterpart Freddie Mac, are key players in the country’s home lending market and have been controlled by the US government since their near-collapse during the financial crisis of 2008. Fannie and Freddie package mortgages into securities and provide guarantees to roughly half of the country’s $11 trillion mortgage market.

Read more: Mortgage giant Fannie Mae is shaking up leadership in its largest business, with 2 top execs leaving

Last month, Fannie Mae said it would reorganize the reporting structure within its single-family business, which is its largest, and said division head and company veteran Andrew Bon Salle would leave at the end of the year.

Meanwhile Jeff Walker, chief strategy officer of the single-family office business, previously said in a memo he was retiring from the company after “several months” of preparing to exit, Business Insider previously reported

President Donald Trump’s administration has sought to end Fannie Mae’s government conservatorship. Trump had appointed Mark Calabria, the former chief economist for Vice President Mike Pence, to run Fannie and Freddie’s regulator, the Federal Housing Finance Agency.

But President-elect Joe Biden’s administration is unlikely to take the route of removing them from conservatorship, at least in the near-term, some analysts say. 

At least one major top leadership shift could shed light on where Fannie’s priorities will lie. Fannie Mae earlier this month appointed Sheila Bair, one of its board members and the former chair of the FDIC who played a key role in the US government’s 2008 financial crisis response, as chair of Fannie’s board of directors.

Fannie Mae’s largest shareholders include Capital Research Global Investors, Pershing Square Capital Management, and M&G Investment Management, according to data from Refinitiv.  

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