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Fannie Mae CEO Michael Williams to Resign!
Michael Williams has decided to step down from his position as CEO and president of Fannie Mae, the GSE announced today.
Williams was appointed to the top post at Fannie Mae in 2009, after the company was placed in federal conservatorship. He will continue as CEO and as a director until Fannie Mae’s board names a successor, the GSE said in a statement.
Edward DeMarco, acting director of the GSE’s regulator, the Federal Housing Finance Agency (FHFA), said his organization will work closely with Fannie Mae’s board of directors in searching for a new 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,” DeMarco said.
“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,” DeMarco added.
What are your thoughts behind this news?
What do you think his reasoning could be?
SHARE THIS NEWS WITH OTHERS!
Tags: fannie mae, fannie mae ceo michael williams, fannie mae ceo resigns
Replies to This Discussion
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Permalink Reply by Joseph C. Alfe on -
not so great news! He was a known quantity, and as a whole, Fannie has been good with short sales. Now, we don't know what will happen. If they go the way Freddie Mac is going, short sales will become a lot harder to do.
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Permalink Reply by Lisa Compean on -
There needs to be a committee to watch over the committee that...
is supposed to do backround checks on new hires in our government. What, white collar crimes and involvements aren't a red flag if you go into government?
Pretty soon, guys like "Tony Montana" (Scarface Movie character), can get elected into office as long as the opposition doesn't speak loud enough to get a bullet in the face?
Too bad things are so corrupt that the good guys can't get on the ballots for fear of reprisals. It maybe time for another Reality show...
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Permalink Reply by Regina P. Brown on -
I think he saw the handwriting on the wall. Even his expertise was not enough to stop the giant snowball rolling down the hill...
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Permalink Reply by Joe Robaina on -
Good morning Mike and thank you for posting this article.
I can't imagine that someone in this position would resign a post like this one unless he knew something is coming down the road that he does not want to be there to face.
I'd love to know what he knows but I guess time will tell.
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Permalink Reply by Joseph C. Alfe on
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Most don't realize that past and present Sr. Execs of Fannie and Freddie are under indictment for mortgage fraud charges.
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Permalink Reply by VALERIE A KUNKEL on -
there is so much we will never know. All we can do is work according to the standards that will uphold the integrity of Real Estate.
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Permalink Reply by Laura A. Lenze on -
Best News I've Heard All Day!
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Permalink Reply by Patti Guilford on -
Whoever owns the gold, makes the rules and decides who will be in office to further their agenda. We are fortunate to still get SS approved under these conditions.
Keep pushing forward and keeping the faith. Get as many files closed as you possibly can even if it means doubling your work hours.
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