Mortgage giant Fannie Mae (OTC: FNMA) has announced that its CEO Michael J. Williams will step down. Williams was appointed as Fannie Mae’s President and CEO back in 2009 after the mortgage company came under government conservatorship.
Fannie Mae said that Williams will continue as CEO and director until the company’s Board of Directors appoint a successor.
Williams said that as CEO, he focused Fannie Mae on providing the necessary funding to support sustainable homeownership and quality affordable housing, creating the solutions needed to stabilize the market and help homeowners in distress, and building a strong new leadership team that can move the company and the industry forward.
Williams further said that for the past three years, Fannie Mae has executed on its mission, while making fundamental changes to prepare housing finance for a better future. Williams believes that the time is right to turn over the reins to a new leader. He added that he is confident that Fannie Mae employees will continue to make a positive difference.
Philip A. Laskawy, Chairman of Fannie Mae, meanwhile, said that as a result of Williams’ leadership, Fannie Mae is a better company and the country benefits from a stronger housing finance system.
Under Williams, Fannie Mae enabled nearly six million households to refinance into a lower cost mortgage, 1.7 million homeowners to buy a home and provided funding for approximately one million units of quality, affordable rental housing.
Williams joined Fannie Mae in 1991. He was appointed the company’s CEO at a time when it was on the verge of collapse following the housing market crash.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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