Fannie Mae veteran Michael Williams was appointed as chief executive of the government-sponsored enterprise on Monday, making him the company’s third leader in less than a year.
Williams, who was Fannie’s executive vice president and chief operating officer, succeeds Herbert Allison, who was nominated last week to lead the Treasury Department’s Troubled Assets Relief Program. He has worked at Fannie since 1991.
"Mike Williams has demonstrated time and again his ability to successfully led and execute some of the most important initiatives the company has undertaken," Philip Laskawy, Fannie’s chairman, said in a press release. "Mike brings a steady hand, extensive experience and a deep understanding of the company and the housing and financial markets to his new role, and he enjoys the full confidence and support of the board."
In a separate statement, James Lockhart, the director of the Federal Housing Finance Agency said Williams "brings a breadth of valuable experience to his new post."
Meanwhile, Freddie Mac continues to search for a permanent CEO after its previous leader, David Moffett resigned last month.