Fannie Mae is restructuring its staff to improve community lending initiatives, the company said.

Under the plan, Robert J. Levin, executive vice president for marketing, would move to a newly created position, executive vice president for housing and community development.

Ann D. Logan, executive vice president and chief credit officer, would become executive vice president for the single-family mortgage business.

Adolfo F. Marzol, senior vice president for the single-family business, would be executive vice president and chief credit officer.

All changes are subject to approval by the board of directors.

"Bob Levin has been a key player there for a lot of years," said Thomas O'Donnell, a senior analyst at Salomon Smith Barney. He added that such changes are unusual at Fannie and demonstrate depth of management, as all the executives involved are "tried and true" veterans.

Mr. Levin, who joined Fannie Mae in 1981, would be responsible for Fannie's national housing impact division, multifamily lending, community investment activities, and the company's investments in mortgage revenue bonds, community development financial institutions, and low-income housing tax credits.

Mr. Levin said the new management structure would bring about a "quantum leap in terms of what we can do for communities," because it will create a team of Fannie experts.

"We will be able to bring everything the company has got to bear upon the problem," he said.

Mr. Levin said his management goals include taking steps to strengthen homeownership by identifying the characteristics of a strong community and making the appropriate investments to foster that strength.

Mr. Levin said that Fannie Mae wants to foster homeownership for anyone capable of buying a home.

Ms. Logan would be responsible for pricing and marketing for Fannie's single-family mortgage business and its sales force and regional offices.

She would also keep some of her responsibilities from her role as chief credit officer; she would oversee credit product development, credit loss management, and pricing of Fannie Mae products.

She would work with Bill Kelvie, chief information officer, on marketing technology products.

Mr. Marzol would lead the credit policy committee and oversee credit risk allocation for underwriting and servicing policies and for counterparty risk management.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.