Photo: Fannie Mae
Fannie Mae CEO Mike Williams will step down from his position as head of the mortgage lender once the Board of Directors has appoints a replacement.Williams has been head of Fannie Mae since 2009, after the institution was placed under federal conservatorship.
The news comes three months after Freddie Mac CEO Charles Haldeman announced he would leave the lender sometime in 2012.
When Haldeman stepped down, the Wall Street Journal reported highlighted that the working environment at Freddie had become increasingly tense as the company’s future remained ambiguous.
The two mortgages lenders, which were infamously bailed out by the government in 2008, have been the targets of various lawsuits since then.
Most recently, the SEC announced it was suing former Freddie Mac CEO Richard Syron and former Fannie Mae CEO Daniel Mudd.
We’ll have more details as we get it.
Here’s the whole press release, just released from Fannie Mae’s website:
Fannie Mae Chief Executive Will Step Down Pending Appointment of a Successor
WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced CEO Michael J. Williams’ decision to step down. Williams was appointed President and Chief Executive Officer in 2009, after the company was placed in federal conservatorship. He will continue as CEO and as a director until Fannie Mae’s board of directors names a successor, at which time he will leave the company.
“As CEO, I have focused the company on providing the necessary funding to support sustainable homeownership and quality affordable housing; creating the solutions needed to stabilise the market and help homeowners in distress; and building a strong new leadership team that can move the company and the industry forward,” said Williams. “For the past three years, we have executed on this important mission, while making fundamental changes to prepare housing finance for a better future. I decided the time is right to turn over the reins to a new leader. As I told our employees today, I am extremely proud of what we have achieved together, and I am confident that they will continue to make a positive difference.”
“On behalf of the board of directors, I want to extend our gratitude to Mike for his tireless dedication to Fannie Mae and especially his exemplary service as its leader through three extremely challenging years,” said Philip A. Laskawy, Chairman. “As a result of Mike’s leadership, Fannie Mae is a better company and our country benefits from a stronger housing finance system.”
Under Williams’ leadership, Fannie Mae has enabled approximately six million households to refinance into a lower cost mortgage, 1.7 million homeowners to purchase a home and provided financing for nearly one million units of quality, affordable rental housing. The company has built a strong new book of business. This new book, which consists of loans purchased or guaranteed since January 2009, is nearly 50 per cent of the company’s overall book of business. Through its loss mitigation efforts, nearly one million homeowners have avoided foreclosure, while Fannie Mae has helped to stabilise neighborhoods and reduce credit losses on its legacy (pre-2009) book of business.
Williams joined Fannie Mae in 1991. He led the company’s eCommerce and eBusiness divisions, including the development of the innovative Desktop Underwriter product, which became a standard for the housing finance industry. Williams led the company’s financial restatement and accounting and control reforms and was appointed chief operating officer in 2005.
Williams’ career prior to joining Fannie Mae includes positions with KPMG Peat Marwick and Dupont. A Philadelphia native, Williams earned a master of business administration in finance and a bachelor of science from Drexel University.