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 lead and execute some of the most important initiatives the company has undertaken," Philip Laskawy, Fannie's chairman, said in a press release. "

Meanwhile, Freddie Mac continues to seek a permanent successor to its previous CEO, David Moffett, who resigned last month.

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