Michael Williams, who has been Fannie Mae's chief operating officer and executive vice president since 2005, was named the new president/CEO today.
Williams, who has been with the mortgage buyer since 1991, has been responsible for implementing many of the changes that have taken place since Fannie Mae was placed into conservatorship last fall.
He will succeed Hebert Allison, who has been named assistant secretary of Treasury for financial stability.
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Before joining Fannie Mae, Williams worked for 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.
Fannie Mae and Freddie Mac own or guarantee $5.5 trillion worth of mortgages.
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