The Chief Executive Officer of Fannie Mae, Michael J. Williams has just announced his departure from the Government Sponsored Enterprise (GSE). He first took on this role of CEO in 2009 when Fannie Mae was placed under the Federal Housing Finance Agency (FHFA). Williams will remain in this position until the board of directors chooses a new CEO and director to take his place.
“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.”Williams has accomplished much during his years at Fannie Mae. He started in 1991 leading the eCommerce and eBusiness divisions, including the development of the Desktop Underwriter product. He has also helped to enable 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 question is: how will his departure effect Fannie Mae and its operations? And in turn, homeowners and lenders?
Source: http://nationalmortgageprofessional.com/news27890/michael-williams-resign-ceo-fannie-mae
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