Fannie Mae names Timothy Mayopoulos as new CEO
Fannie Mae, based in Washington, says Mayopoulos, 53, will become president and chief executive on June 18. He replaces Michael J. Williams, who announced in January that he would step down after a successor was found.
The government rescued Fannie and smaller sibling Freddie Mac in September 2008 after the two companies absorbed huge losses on risky mortgages that threatened to topple them. Since then, a federal regulator has controlled the two companies’ financial decisions.
So far, Fannie and Freddie have cost taxpayers about $170 billion — the largest bailout of the financial crisis. It could cost roughly $260 billion more to support the companies through 2014, after subtracting dividend payments, according to the government.
Mayopoulos will be the third CEO of Fannie Mae since the government takeover. Williams oversaw the restructuring of Fannie’s foreclosure-prevention efforts and managed the troubled company’s reorganization.
In his executive roles, Mayopoulos has managed Fannie’s human resources policies, communications and marketing, and government relations, the company said Tuesday.
Pressure has been building for the government to eliminate or transform Fannie and Freddie and reduce taxpayers’ exposure to further losses. Read More