(WASHINGTON) -- Fannie Mae announced Tuesday that CEO Michael J. Williams will step down. He became president and CEO of Fannie Mae in April 2009.
“As CEO, I have focused the company on providing the necessary funding to support sustainable homeownership and quality affordable housing; creating the solutions needed to stabilize the market and help homeowners in distress; and building a strong new leadership team that can move the company and the industry forward,” said Williams. “For the past three years, we have executed on this important mission, while making fundamental changes to prepare housing finance for a better future. I decided the time is right to turn over the reins to a new leader. As I told our employees today, I am extremely proud of what we have achieved together, and I am confident that they will continue to make a positive difference.”
Along with other executives at Fannie Mae and Freddie Mac, he recently came under criticism for receiving multimillion-dollar salaries and bonuses, while the giant housing agencies still owe the U.S. government bailout funds.
The agencies have been blamed by some for irresponsibly promoting homeownership and contributing to the housing bubble.
Williams will remain in his post as CEO until the company's board of directors names a successor.
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