Fannie Mae-No Politics (FNMA)

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Fifth Third's top lawyer fired over relationship with Fannie Mae chief

Aug 11 2016, 07:44 ET | By: Stephen Alpher, SA News Editor

Last month's abrupt firing of Fifth Third Bancorp general counsel
Heather Russell was due to a romantic relationship she was having with
Fannie Mae CEO Timothy Mayopoulos.Source:

WSJInterestingly, both Russell and Mayopoulos disclosed the relationship to their
respective companies, and while Fifth Third fired her for it,
Fannie Mae had no issues with Mayopoulos.

The two companies, of course, do plenty of business together, with Fannie Mae
buying and securitizing Fifth Third mortgages.

When mortgages go bad, the two negotiate over just how many the bank must repurchase.

The two worked together previously when Mayopoulos was general counsel at
Bank of America from 2004-2008, and Russell an associate general counsel
from 2006-2011.

Fifth Third’s code of ethics says

“we all must avoid actual or apparent conflict of interest with Fifth Third
or its customers, suppliers and vendors.”