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.
- This Year's Best High-Interest Savings Accounts
- The Best States to Retire in 2022
- 7 Crucial Retirement Mistakes
- Need Cash? How to Access Your Home's Equity
- Don’t Borrow From The Bank - Borrow From Yourself
- Want Cash Out of Your Home? Here Are Your Best Options
- Home Mortgage Rates Drop Sharply This Week
- HARP Refinance Program is Over. Now What?
- Digital Mortgage Platform Helps Home Buyers Shop for Mortgages
- Spend $500, Get $200 Fast With This Top Card
- Best Travel Credit Cards Of August 2022
- Plan The Trip Of A Lifetime With This Travel Card Bonus
- The True Story Behind "The Blind Side"
- These Are All The Hidden Hacks Of Costco
- The Largest Military Planes In The World Are A Sight To Behold