WASHINGTON (Reuters) - Battered mortgage-finance company Fannie Mae (FNM.N) on Wednesday announced a sweeping management shake-up in an effort to come to grips with mounting credit losses and a shrinking capital base.

The company's chief financial officer, Stephen Swad, was replaced and the chief business officer, Peter Niculescu, will take on an expanded role. Fannie Mae also appointed a new chief financial officer and chief risk officer, effective immediately.

Daniel Mudd, the company's chief executive, will remain in place.

"This team will be responsible for meeting the dual objectives of conserving capital and controlling credit losses while Fannie Mae continues to provide crucial liquidity to the U.S. housing and mortgage markets," Mudd said in a statement.

(Reporting by Patrick Rucker; Editing by Leslie Adler)

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