A management shakeup at Fannie Mae has placed Peter Niculescu in charge of the single-family business and capital markets and named David Hisey, the new chief financial officer.

Fannie president and chief executive Daniel Mudd said the restructuring is needed to meet the company's goals of conserving capital and controlling credit losses. Niculescu, executive vice president for capital markets, will replace company veteran and chief business officer Robert Levin, who is retiring.

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