Fannie Mae Board Appoints Michael J. Williams President & CEO

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(News Source: Fannie Mae)

(WASHINGTON, D.C.) -- Fannie Mae (FNM/NYSE) today announced that the company's Board of Directors has appointed Michael J. Williams President and Chief Executive Officer and a board director. Williams succeeds Herbert M. Allison, Jr., who has been nominated to be Assistant Secretary for Financial Stability and Counselor to the Secretary at the U.S. Department of the Treasury.

"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. "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. We look forward to Mike's leadership of Fannie Mae as we continue to tackle the difficult challenges facing the housing market and the nation's economy."

"We also thank Herb Allison for his tremendous contributions to Fannie Mae," continued Laskawy. "He has guided the company most ably through a very challenging period. We wish him all the best in his new position."

Williams ascends to his new position after having served as the company's Executive Vice President and Chief Operating Officer (COO). 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."

In his role as COO, Williams has been responsible for the functions of Credit Operations, Technology, Enterprise Operations, Human Resources, Community and Charitable Giving, Compliance and Ethics, Corporate Facilities and Security and Corporate Procurement. Previous to his tenure at Fannie Mae, Williams held positions at KPMG Peat Marwick and the Dupont Company. He has a master's degree in business administration and a bachelor of science degree from Drexel University.

"I'm honored by the opportunity to lead the talented and dedicated group of professionals at Fannie Mae as we work together to support the market, assist struggling homeowners and help hasten recovery," Williams said. "I look forward to working with our conservator, the Administration, our industry partners and my colleagues as we continue striving to fulfill Fannie Mae's important responsibilities and mission. There's much work ahead and we're committed to rolling up our sleeves and getting the job done."

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