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Fannie Mae COO Announces Plans to Leave in 2015

new-ventureFannie Mae's COO plans to depart from the company next year, the company announced.

In a filing with the Securities and Exchange Commission (SEC), Fannie Mae revealed that Terence W. Edwards, currently COO and EVP, has notified the company of his intent to leave sometime during the first half of 2015.

In a statement, the company credited Edwards with having had "an enormous, positive impact ... in combating the housing crisis and supporting the recovery."

"He built the country's most successful loss mitigation program from the ground up, helping families avoid foreclosure and stay in their homes," the statement reads.

To ensure a smooth transition, Fannie Mae has already transitioned Edwards' responsibilities for its credit portfolio management organization to Joy Cianci, who the company said "is an experienced and proven leader."

Until a successor to the COO role is named, Edwards will remain on in that position, continuing to be responsible for oversight of Fannie Mae's other strategic initiatives and playing a role in its work on forging a common securitization platform with Freddie Mac.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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