Michael Williams has been appointed president and chief executive for US mortgage lender Fannie Mae.Previously, Williams served as executive vice-president and chief operating officer at the firm, where he managed the company's reorganisation and transition to conservatorship. He succeeds Herbert Allison, who has been nominated for the posts of assistant secretary for financial stability and counsellor to the secretary at the US Treasury.
Rising mortgage defaults, falling home prices and ailing credit markets took their toll on the mortgage provider in 2008, and on September 7 Fannie Mae entered into government conservatorship with the Federal Housing Finance Agency. On February 26, 2009, the firm reported losses of $25.2 billion for the fourth quarter and $58.7 billion for the year.
On March 12, fellow government-sponsored entity Freddie Mac also replaced its existing chief executive, with David Moffett making way for John Koskinen, who was appointed on an interim basis.
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