Daniel Mudd Resigned From Fortress Investment Group Yesterday


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Daniel Mudd has resigned from his position as chief executive and his seat on the Board of Directors at Fortress Investment Group, a press release announced yesterday.Last month, Mudd—who used to be the former head of Fannie Mae—announced he would be taking a leave of absence from Fortress after he became the subject of a lawsuit from the the Securities and Exchange Commission against him and five other Fannie Mae and Freddie Mac executives.

The suit claims that Mudd and other Fannie and Freddie executives had given false information related to risky mortgage loans.

“I do not want the uncertainty associated with a leave of absence, on my part, to become a distraction for either Fortress or its investors, and thus, I have decided to resign,” Mudd said in the press release.

Fortress’ principal and co-founder Randal Nardone, who took over as interim CEO after Mudd’s leave of absence, will continue to serve in that role.