Earlier this week, Fannie Mae promoted Michael Williams to president and chief executive of the government-backed provider of funding for home mortgages. Williams was previously chief operating officer and replaces Herbert Allison who was asked by the Obama administration to run the Treasury Department’s financial recovery program.
"Mike Williams has demonstrated time and again his ability to successfully lead and execute some of the most important initiatives the company has undertaken," said Philip A. Laskawy, Chairman of the Board.
In the wake of the market downturn, he oversaw the bolstering and restructuring of the company’s foreclosure-prevention and loss mitigation operations, and this year he has led the company’s efforts to carry out the Administration’s Making Home Affordable loan refinance and modification initiatives. Williams has also managed and executed other large-scale initiatives at Fannie Mae in the past, including the company’s restatement, reorganization and transition to conservatorship.
"Mike’s appointment as CEO will provide continuity of direction and purpose as Fannie Mae continues to focus on supporting the market and carrying out the Administration’s housing relief plan," said Allison. "Mike has a proven track record of success. He is extraordinarily capable at leading people and organizing plans and processes to accomplish important objectives, and he will foster change where needed to assure the highest standards of performance. I anticipate a seamless transition to a chief executive who has led Fannie Mae’s mission and virtually all key operational areas of the company with good-natured distinction."
With Fannie Mae being the sole investor for reverse mortgages at the moment, lets hope Williams makes a good transition into his new role. Their pricing was significantly changed for the worse a few weeks ago but it still may take some time to see if other investors enter the market.