The chief executive officer of the Federal National Mortgage Association has apparently had enough.
In a statement Tuesday, the Washington, D.C.-based firm said Michael J. Williams has decided to step down.
The executive will stay on until a replacement is found.
“I decided the time is right to turn over the reins to a new leader,” Williams said in the statement.
Williams replaced Herbert M. Allison Jr. as CEO of the troubled giant in 2009 not long after Fannie Mae and Freddie Mac were seized by their regulator, the Federal Housing Finance Agency, in September 2008. He originally came on board in 1991.
The secondary lender said Williams led Fannie’s eCommerce and eBusiness divisions and oversaw development of Desktop Underwriter. He also reportedly led its financial restatement and accounting and control reforms.
Fannie, which along with Freddie has received $170 billion in taxpayer bailouts, has been criticized by Congress over $12 million paid in executive bonuses.
FHFA Acting Director Edward J. DeMarco has defended the compensation — noting that it wouldn’t be wise to go bargain hunting for executives who will oversee more than $5 trillion in assets.
In a statement today, DeMarco praised Williams for his leadership while Fannie was in conservatorship.
“As conservator, I am grateful for Mr. Williams’ steadfast dedication to ensuring Fannie Mae meets its public mission of providing stability, liquidity, and affordability to housing finance while both leading his company and working with government officials to that end. FHFA,” DeMarco said in the statement.
Freddie disclosed in October that its CEO, Charles E. Haldeman Jr., plans to step down this year.
