We knew this time would come eventually. Time for the bodies to start piling up.

Fannie Mae announced a management restructuring that it says will help it work through its capital problems but in reality will likely solve none of them.

The troubled mortgage lender will replace its chief financial officer, its chief business officer, and its chief risk officer. Chief executive Daniel Mudd will remain at the helm.

Shares of Fannie Mae, which have rallied during the past three trading sessions, fell after the announcement was made.

"After setting forth our capital and credit plan August 8, we are now putting a senior management structure in place to drive this plan across the company," Mudd said in a statement. "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."

Current chief business officer Robert Levin will be replaced by Peter Niculescu, head of Fannie's capital markets. Levin announced his retirement.

C.F.O. Stephen Swad will be replaced by controller David Hisey. Swad will pursue opportunities in private equity.

Chief risk officer Enrico Dallavecchia will be replaced by senior credit executive Michael Shaw. Dallavecchia will leave for other opportunities in finance.

Now that we have the press release formalities taken care of, what will this shake-up mean for Fannie Mae? Bringing in new blood to explore new ways to boost capital can't hurt, but it's not clear that it will solve the government-sponsored entity's structural problems.

Despite Treasury Secretary Hank Paulson's efforts to try and boost confidence in Fannie Mae and Freddie Mac with a government bailout plan, it hasn't worked. Instead, it's just left investors with more apprehension about the government's true intent to solve the crisis at hand. When and how the bailout will happen have become questions asked more often than whether or not Fannie and Freddie will survive.

Moreover, what about Mudd? Last week, the Washington Post reported that Fannie's chief executive was aggressively expanding its subprime lending business even as the market was on the brink of collapse. Meanwhile, one of his own subordinates warned him against it.

Shouldn't Mudd be held accountable as well?

Probably. But the truth is, it's going to take more than new management to solve the problems at hand.