Daniel H. Mudd, who lost his job last year as CEO of mortgage giant Fannie Mae when the company’s fortunes went south, has landed on his feet.

Word is that Herb Allison, a longtime Wall Street executive with ties to Treasury Secretary Timothy Geithner, will be tapped to head the government’s $700-billion financial rescue program.

The ousted heads of mortgage giants Fannie Mae and Freddie Mac have hired two of the nation’s best-regarded fixers to help them hold onto their golden parachutes.

In the wake of the federal government’s bailout of Fannie Mae and Freddie Mac, the two presidential candidates are calling for reform. Yet both men have close connections to the mortgage giants.

H. Rodgin Cohen may not be well known away from Wall Street, but he would seem to be the first person called in times of bank failure, acquisitions or mergers.

Until a few weeks ago, it’s likely that many people would have guessed that Freddie Mac was comedian Bernie Mac’s younger brother.

Former Fannie Mae Chairman James Johnson said he has quit Sen. Barack Obama’s vice-presidential search team after the Wall Street Journal reported he may have received preferential mortgage loans from Countrywide Financial Corp.