Fannie Mae CEO steps down

Michael Williams, chief executive of US government-backed mortgage lender Fannie Mae, has announced he will step down from the role once a replacement has been chosen.

Williams became CEO in 2009, seven months after the agency – and its fellow government-backed lender Freddie Mac – were nationalised after accumulating $1.6 trillion of debt over a 12-month period. Fannie Mae's total losses from 2008 to the end of the third quarter of 2011 now stand at $137 billion.

Williams joined Fannie Mae in 1