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Michael Williams, the president and chief executive officer of Fannie Mae, announced plans to step down as soon as a successor can be appointed, according to a company filing issued Tuesday to the Securities and Exchange Commission.
January 10
Former Fannie Mae chief executive Michael Williams has been appointed to chair the board of directors of Prospect Mortgage LLC.
Williams, who left Fannie Mae earlier this year after more than two decades in various roles at the company, joins a mortgage origination firm that rose from the ashes of failed lender IndyMac.
Prospect bought the majority of IndyMac's retail mortgage origination branches following the firm's collapse in 2008. The Sherman Oaks, Calif.-based company is backed by the private equity firm Sterling Partners.
In a news release, Williams praised Prospect's chief executive officer, Ronald Bergum, who is a former IndyMac executive.
"The housing market is positioned for a period of solid, sustainable growth in which well-managed, disciplined and innovative companies will have substantial success," Williams said. "I am extremely pleased to have this opportunity to once again work closely with Ron and his leadership team."
Williams served as CEO of Fannie Mae from April 2009 until June 2012. He was succeeded by former Fannie chief administrative officer Timothy Mayopolous.
