Michael J. Williams Succeeds Allison In Fannie Post

Mae's board of directors has appointed Michael J. Williams president and CEO, as well a board director. Williams succeeds Herbert M. Allison Jr., who has been [u][link=http://www.mortgageorb.com/e107_plugins/content/content_lt.php?content.3378]nominated[/link][/u] to be assistant secretary for financial stability and counselor to the secretary at the U.S. Department of the Treasury. 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 Williams has demonstrated time and again his ability to successfully lead and execute some of the most important initiatives the company has undertaken,’ says Philip A. Laskawy, chairman of the board, adding later, "We also thank Herb Allison for his tremendous contributions to Fannie Mae. He has guided the company most ably through a very challenging period. We wish him all the best in his new position.’ Previous to his tenure at Fannie Mae, Williams held positions at KPMG Peat Marwick and the Dupont Company. He has an MBA and a bachelor's degree from Drexel University. SOURCE: Fan


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