Fannie Mae CEO Michael Williams Steps Down

Statement of FHFA Acting Director Edward J. DeMarco on Michael Williams Announcement

“Today Michael Williams announced his intention to step down as Chief Executive Officer of Fannie Mae after 21 years of service to the company. Over these years, Mr. Williams has served Fannie Mae in many capacities, most notably as the executive responsible for overseeing the company’s financial restatements and accounting and control reforms pre-conservatorship, as Chief Operating Officer, and since April 2009 as CEO. Mr. Williams’ leadership was instrumental in guiding Fannie Mae through the transition into conservatorship and in directing Fannie Mae’s efforts to enhance loss mitigation strategies, including loan modification and refinance options to help struggling homeowners. As Conservator, I am grateful for Mr. Williams’ steadfast dedication to ensuring Fannie Mae meets its public mission of providing stability, liquidity, and affordability to housing finance while both leading his company and working with government officials to that end. FHFA will work with the Fannie Mae board of directors in searching for a new CEO.”

From Fannie Mae:

“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 stabilize 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.”

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