The former chief executive officer of the Federal National Mortgage Association is now the CEOÂ of Prospect Mortgage LLC.
Michael J. Williams was named CEO of Fannie Mae in 2009, not long after the Washington, D.C.-based company was forced into conservatorship by the Federal Housing Finance Agency.
Williams, who began his career at the secondary lender in 1991, was promoted from the position of chief operating officer.
During his time as chief executive, Fannie’s book of business exceeded $3 trillion.
Williams stepped down from his job at Fannie in 2012 .
That same year, he was elected chairman of Prospect’s board of directors.
On Wednesday, the Sherman Oaks, Calif.-based company announced that Williams has been appointed CEO. He replaces founder Ronald L. Bergum, who will become managing partner.
Williams, who reportedly earned an M.B.A. and B.S. from Drexel University, will retain his role as chairman at Prospect.
“As chairman, I have always been impressed with Prospect’s industry leadership and the power of its retail purchase lending platform,” Williams stated in the announcement. “Now, as the housing finance system continues to undergo substantial change, I believe we are well positioned to expand our retail platform and accelerate the next phase of the company’s growth.”
Prospect is backed by Sterling Partners.
In January, it announced the acquisition of The Diamond Mortgage Group LLC. That same month, Prospect reported that it acquired retail branch assets from Impac Mortgage Holdings Inc.
The acquisitions came on the heels of a $150 million bond offering announced in September 2013 by parent Prospect Holding Company LLC.
Prospect agreed to a $3.3 million settlement with the California Department of Business Oversight in February and a $3.4 million settlement with the New York Department of Financial Services in October 2013. Both settlements were related to fees charged to borrowers.
