In a shocking turn of events Michael Williams, the current CEO of Fannie Mae, has announced that he will be stepping down from his post.
Just as Freddie Mac’s Chief Executive Officer, Charles “Ed” Haldeman Jr., did back in October of 2011 Michael Williams will will follow suit.
First taking the CEO title of the mortgage giant back in 2009, after the government seized and placed it in conservatorship, Mr. Williams has seen the toughest of times at Fannie. While his official statement is that he “decided the time is right to turn over the reins to a new leader,” one can’t help but speculate that just as Haldeman indicated, Williams may be less than enthused about the direction the FHFA is leading the two companies in.
Between Fannie and Freddie they own or guarantee roughly half of all home mortgages in the United States; so managing them will be no small task for the successors of both leviathans.
We will provide more updates as information is released, so please be sure to check back.
-JJM
John is the Vice President here at JohnHart, and as such is responsible for managing and directing the firm towards obtaining its ultimate goals.
He is also one of our main contributors on the Blog. (please see his profile page on the main site for more information.)
It is not going to be an easy task for the next leader of Fannie. With so much negative attention on it, it would take few years to get their good will in the market.
Absolutely. They are the accomplice of the big bad wolf to most of the world! thanks for the feedback.
-JJM
Mortgage fraud is something the government should take seriously.