Fannie Mae announces on Tuesday that Timothy Mayopoulos is going to replace Michael Williams as the new president and the chief executive of the Mortgage finance giant starting on June 18. Mayopoulos is the third CEO of Fannie Mae since the government took over the company in September of 2008.
The 53-years-old Mayopoulos is the current general counsel and the chief administrative officer. The board selected Mayopoulos after a search of all the external and internal candidates since Williams announced his departure in January.
“Our thorough and thoughtful evaluation of qualified and interested candidates focused on a singular goal – to secure the best leader for Fannie Mae,” said the chairman of the board, Philip Laskawy.
“We have successfully completed the first phase of conservatorship and I am proud of our employees and what we have accomplished together,” said Williams who will be handing over his role to Mayopoulos. “I know that I am leaving Fannie Mae in very capable hands with Tim as CEO.”
A federal regulator has controlled Fannie Mae’s financial since the government rescued the company from the huge losses on risky mortgages which could have ended up in its bankruptcy. Until now, the government has spent about $170 billion of taxpayers’ money to solve Fannie and its younger brother Freddie Mac.
The Obama administration is trying to pass a plan in order to decrease the government’s role in the mortgage system by gradually dissolve Fannie and Freddie.
“We have a responsibility to return value to taxpayers and to contribute our expertise and experience to building a more effective and stable housing finance system for the future,” said Mayopoulos.
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