Aug 28 2008
Fannie Mae Picks New Name
(Washington, DC) Fannie Mae shook up its senior management in a move it said was designed to drive the mortgage company’s efforts to conserve capital and contain a surge in costs stemming from defaults by homeowners. They have decided to change their name. “Yes, frankly we are tired of everyone making fun of our name. We really felt it was starting to wear down the executive team,” said head the newly named company.
Niculescu added, “We hired a leading brand management company to assist us with deciding on a new name. We felt it was so critical to come up with a name that was going to lead us out of the crapper, oh can I say that here?” Fannie Mae has been hit hard in the recent sub-prime lending crisis and has paid dearly for it. Shares of the company are down about 90% from a year ago. So with their gaze cast forward, they believe their new name will soon be on the tips of everyone’s tongue as the emerge from an almost certain bailout by the US Treasury. Announcing boldy Niculescu said, “So it it is with great pride that I let you know that from now on Fannie Mae shall be known as Heinie Can. A strong name on which to hang the hopes of millions.”
