Fannie Mae
In February 2000, Mudd became a Director and Vice Chairman and Chief Operating Officer at Fannie Mae. He remained Chief Operating Officer until December 21, 2004. Mudd was named interim CEO of Fannie Mae in December 2004, after Franklin Raines stepped down after the U.S. Securities and Exchange Commission (SEC) found Fannie Mae had violated accounting rules. Mudd served as interim CEO of Fannie Mae until March 2005, and became the President and CEO of Fannie Mae on June 1, 2005.
Mudd collected more than $80 million in his time at Fannie Mae. He was dismissed as CEO when FHFA stepped in as conservator on September 7, 2008. The government has advised him that his severance package will not be paid.
On December 9, 2008, he testified before the United States House Committee on Oversight and Government Reform on Capitol Hill regarding Fannie Mae, Freddie Mac, and financial market instability.
In December, 2011, Mudd and other Fannie Mae and Freddie Mac executives were charged by the U.S. Securities and Exchange Commission with securities fraud. "The SEC alleges they 'knew and approved of' misleading statements claiming the companies had minimal exposure to subprime loans at the height of home mortgage bubble."
Mudd was a Director at Ryder System, Inc from 2002 to 2007. In 2007, Mudd became a Director at Fortress Investment Group. Forbes ranked Mudd 182nd in executive pay in 2005, 323rd in 2006, 337th in 2007, and 202nd in 2008.
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