WASHINGTON (dpa-AFX) - Chief Executive Officer of Fannie Mae (FNMA.OB), Michael Williams has decided to step down once the mortgage company names a successor.
Williams had joined Fannie Mae in 1991 and was appointed President and CEO in 2009, after the company was placed in federal conservatorship. He had held various key positions at the company during his run to the top post, including that of Chief Operating Officer. Prior to joining Fannie Mae, Williams has involved with KPMG Peat Marwick and Dupont.
'I decided the time is right to turn over the reins to a new leader,' Williams said. '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.'
Under William's leadership, Fannie Mae enabled about 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 company said in a statement.
In 2008, the U.S. government had provided billions of dollars in bailout to Fannie Mae and its rival Freddie Mac to help them stay afloat after both the mortgage firms suffered huge financial losses during the sub-prime crisis. Together, Fannie Mae and Freddie Mac own or guarantee almost half of mortgages in the U.S.
FNMA closed Tuesday's trading on the OTCBB at $0.2375, up $0.0146 or 6.55%, on a volume of 11.3 million shares, far above the three-month average volume of 2.7 million.
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