Fannie Mae CEO Michael Williams to Resign

WASHINGTON -- The executive who was appointed to lead mortgage giant Fannie Mae in 2009 after the federal government seized the company plans to step down as its CEO.

Michael J. Williams announced Tuesday that he will continue as CEO and as a director until a successor is found.

"I decided the time is right to turn over the reins to a new leader," he said in a statement. Williams, 53, has been a Fannie employee since 1991.

The government rescued Fannie Mae and Freddie Mac in September 2008 after the two mortgage firms absorbed huge losses on risky loans that threatened to topple them.