WASHINGTON – Fannie Mae named its general counsel, Timothy Mayopoulos, former general counsel at Bank of America, as its new president and chief executive, effective June 18.
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Mayopoulos has served as Fannie’s chief counsel for the past three years. He replaces Michael Williams, who announced his intention to leave the secondary mortgage company in January.
Fannie Mae and its sister company, Freddie Mac, recently reported net profits for the first quarter. Both are working on plans to lay off some of their current risk to private investors via reinsurance and loss sharing arrangements
