Prospect Mortgage LLC has announced the appointment of Michael Williams, the former president and CEO of Fannie Mae, as chairman of Prospect's Board of Directors. After serving in several key roles at Fannie Mae, Williams became the company's CEO in April 2009, leading the company through a period of substantial transformation during its conservatorship. During his tenure, the company transitioned from a $23 billion loss in the first quarter of 2009 to a profit of $5.1 billion in the second quarter of 2012. Under Williams' leadership, the company provided over $2.7 trillion in liquidity to the market, enabling over 8.1 million homeowners to refinance their mortgage, 2.2 million families to purchase a home, and 1.3 million units of affordable rental housing to be constructed.
"We have grown Prospect into a top-10 originator of home purchase loans and one of the country's leading FHA renovation lenders. The addition of Michael Williams to our Board marks an important milestone in our company's growth," said Prospect CEO Ronald L. Bergum. "It is a tremendous privilege and opportunity to be able to add an individual of Michael's caliber to the Prospect team. He brings a comprehensive understanding of the housing sector, the mortgage finance industry and the evolving regulatory landscape. I look forward to partnering with Michael as we continue to build a world-class organization at Prospect."
Prospect Mortgage is backed by Sterling Partners, a private equity firm with approximately $5 billion of assets under management. Sterling Partners helped facilitate Williams' appointment.
"The housing market is positioned for a period of solid, sustainable growth in which well-managed, disciplined and innovative companies will have substantial success. Under Ron Bergum's leadership, and with the support of Sterling Partners, Prospect Mortgage possesses the resources, capabilities and talent to succeed in this new competitive landscape and to solidify its role as an industry leader," said Williams. "I am extremely pleased to have this opportunity to once again work closely with Ron and his leadership team."
Prior to Fannie Mae, Williams held positions at KPMG Peat Marwick and the DuPont Company. He has a Master of Business Administration degree in finance and a Bachelor of Science degree from Drexel University, where he serves on the Board of Trustees and on the Advisory Board for its LeBow School of Business. He serves as treasurer of the Board of Directors for the Children's National Medical Center in Washington, D.C., and was recently appointed to the Board of Directors of Realogy Holdings Corporation.