Fannie Mae CEO Stepping Down “Time is right”

By: Pat Prescott
01/11/2012 04:13 PM ET

Fannie Mae CEO – According to a report by Bloomberg, Fannie Mae has announced, that CEO Michael Williams will be stepping down as soon as a replacement is found.

“I decided the time is right to turn over the reins to a new leader,” Williams said in a statement. “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.”

Williams has worked for the securitized mortgage broker for 21 years and has been the CEO since 2009. When he took over he oversaw the conservatorship to the US government due to the 2007 housing market crash and along with Freddie Mac losing all their investor’s money, with the coinciding bailout that will cost taxpayers anywhere between 224 and 350 billion dollars when all is said and done. The two companies have been provided 150 billion dollars so far.

“I am surprised that Williams hung out as long as he did,” said Anthony Sanders, a professor of real-estate finance at George Mason University. “It is a stressful job to explain to Congress and taxpayers how all that money was lost,” he added.

This now leaves the nations top 2 mortgage companies looking for new leaders as last year Freddie Mac CEO, Charles Haldeman, also announced he would be stepping down.

Source: Fannie Mae Ceo