Skip to main content

Fannie Mae CEO Reportedly Reprimanded for Romantic Conflict of Interest

Phil Hall
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.”

 
Published
Aug 13, 2018
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021