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Former Fannie Mae CEO Joins Prospect Mortgage

Prospect Mortgage announced the appointment of Michael J. Williams as Prospect's new CEO. Williams will lead Prospect into its next phase of growth by leveraging his experience within the mortgage finance industry.

Williams has served as Chairman of Prospect's Board of Directors since December 2012, and assumes the leadership role from Ronald Bergum, who is transitioning from his role as CEO to Managing Partner. Williams will continue to serve as Chairman of the Board.

"As Chairman, I have always been impressed with Prospect's industry leadership and the power of its retail purchase lending platform. 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," Williams said.

After more than 20 years of serving in several key roles at Fannie Mae, Williams became the company's CEO in 2009. He led the organization during its conservatorship under the Federal Housing Finance Agency (FHFA). During Williams' tenure, Fannie Mae experienced a dramatic turnaround, from a $23 billion loss in the first quarter of 2009 to a profit of $5.1 billion in the second quarter of 2012.

Williams obtained his MBA and BS from Drexel University in Philadelphia, where he serves on the Board of Trustees.  He also serves as Chairman-Elect of the Board of Directors for the Children’s National Health System in Washington, D.C.

About Author: Colin Robins

Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News' sister site.
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