Fannie Mae has announced that its Chief Executive Officer Michael J. Williams has decided to resign from his role. Williams was appointed president and CEO of the government-sponsored enterprise (GSE) in 2009, after the company was placed under the federal conservatorship of the Federal Housing Finance Agency (FHFA). He will continue as CEO and as a director until Fannie Mae’s board of directors names a successor, at which time he will leave the company.
“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.”
Under Williams’ leadership, Fannie Mae has enabled 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 company has built a strong new book of business. This new book, which consists of loans purchased or guaranteed since January 2009, is nearly 50 percent of the company’s overall book of business. Through its loss mitigation efforts, nearly one million homeowners have avoided foreclosure, while Fannie Mae has helped to stabilize neighborhoods and reduce credit losses on its legacy (pre-2009) book of business.
Williams joined Fannie Mae in 1991. He led the company’s eCommerce and eBusiness divisions, including the development of the Desktop Underwriter product, which became a standard for the housing finance industry. Williams led the company's financial restatement and accounting and control reforms and was appointed chief operating officer in 2005. Williams' career prior to joining Fannie Mae includes positions with KPMG Peat Marwick and Dupont.
A Philadelphia native, Williams earned a master of business administration in finance and a bachelor of science from Drexel University.
“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," said FHFA Acting Director Edward J. DeMarco. "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.”
