Fannie Mae CEO Reportedly Reprimanded for Romantic Conflict of Interest – NMP
Industry News

Fannie Mae CEO Reportedly Reprimanded for Romantic Conflict of Interest

Aug 13, 2018
Fannie Mae’s outgoing CEO has reportedly received a second reprimand for potential conflicts of interest connected to his relationship with a credit ratings agency executive

Fannie Mae’s outgoing CEO has reportedly received a second reprimand for potential conflicts of interest connected to his relationship with a credit ratings agency executive.
 
According to a Politico report citing unidentified sources, Timothy Mayopoulos recused himself from Fannie Mae business with TransUnion, where Politico claimed “his romantic partner, Heather Russell, serves as Chief Legal Officer.” The Inspector General for the Federal Housing Finance Agency (FHFA), Fannie Mae’s regulator, issued a report citing the Mayopoulous-Russell relationship, but their names and TransUnion were redacted from the report’s public version—Politico stated it “has independently confirmed the report’s contents.”
 
Mayopoulos announced his resignation from Fannie Mae on July 23, three days before the report was released. The same day, FHFA Director Mel Watt dropped a credit-scoring project between Fannie Mae and TransUnion.
 
Mayopoulos' relationship with Russell was the subject of a March 2017 report when Russell was Chief Counsel for mortgage lender Fifth Third, which conducted business with Fannie Mae. In that report, the Inspector General recommended “disciplinary action against Mr. Mayopoulos up to and including his removal as CEO for repeated breaches of duty to Fannie Mae.” Mayopoulos kept his job, while Fifth Third fired Russell in July 2016 after she disclosed the relationship to the bank.
 
 
“Any suggestion that the timing of Tim's decision was driven by anything other than his own personal and professional goals is entirely incorrect,” Fannie Mae Chairman Egbert Perry said in a written statement. “We wish he would stay longer, but we respect his decision.”
 
About the author
Phil Hall
Link copied
Published
Aug 13, 2018
Get the NMP Daily
Operations
From Originator To Owner: 7 Rules For Building A Brokerage

NMP Ignite's Build-A-Broker Summit tackled the decisions that determine whether a new brokerage becomes a scalable company or a more demanding job

Getting licensed may open the doors to a mortgage brokerage. It does not guarantee that the business will be profitable, scalable, or capable of operating without its founder.That distinction was at the center of NMP Ignite’s Build-A-Broker Summit, held Sept. 1 and sponsored...

Continue reading
Non-QM
Truss Adds Direct Lending Without Abandoning Wholesale

The Non-QM specialist will underwrite and fund California loans in-house while retaining access to more than 90 wholesale lenders across its broader footprint

Truss Financial Group is adding direct lending capabilities in California, giving the Non-QM specialist greater control over underwriting and funding while preserving the wholesale model on which it built its business.The Ladera Ranch, California-based company said it can no...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
Rocket Pro Launches ‘Moving Squad’ To Recruit Brokers From UWM

Rocket is offering partners up to $10,000 to help bring UWM brokers onto its platform

Industry News
Sep 01, 2026
NEXA, UMortgage Leaders Explain What Drove Acquisition

Kortas relinquishes the CEO title, elevating Casa to co-equal "executive partner"

Industry News
Aug 31, 2026
Warsh Sees Housing Strain, Keeps Rate Hikes In Play

Fed chair says broader financial conditions remain loose, inflation is too high, and markets should expect less guidance on what comes next

Industry News
Aug 31, 2026
July CPI Eases Mortgage-Rate Risk, But Doesn’t Promise Relief

Consumer inflation rose just 0.1% in July, reducing pressure for a September Fed rate hike as mortgage rates remain near their highest levels of the year

Industry News
Aug 13, 2026
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Industry News
Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Industry News
Jul 15, 2026