Fannie Mae has selected Timothy J. Mayopoulos, the company’s current executive vice president, as its new president and chief executive officer, the Washington- based mortgage finance company announced today.
Mayopoulos, 53, will replace current CEO Michael J. Williams, a longtime company employee who said in January that he would step down after serving in the top position for three years.
Fannie Mae (FNMA:US) and its smaller rival, Freddie Mac, have operated under U.S. conservatorship since September 2008, when investments in risky mortgages pushed them to the brink of collapse. The taxpayer-owned company has drawn a total of $117.1 billion in aid from the U.S. Treasury while under federal control.
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