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Fannie Mae Appoints Current General Counsel Mayopoulos as CEO

The board of directors for ""Fannie Mae"":http://www.fanniemae.com/portal/index.html announced Tuesday the appointment of Timothy J. Mayopoulos, 53, as president and CEO beginning June 18. Mayopoulos will replace current chief executive Michael J. Williams, who announced his resignation in January. Currently, Mayopoulos serves as EVP, chief administrative officer, and general counsel for the Washington D.C.-based mortgage finance company.

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""I am honored with this extraordinary opportunity to lead Fannie Mae during this critical period,"" Mayopoulos said in a press statement. ""We have a responsibility to return value to taxpayers and to contribute our expertise and experience to building a more effective and stable housing finance system for the future.""

Mayopoulos will take a significant pay cut next year after the Federal Housing Finance Agency (FHFA) announced in March an executive compensation program to reduce executive pay by 75 percent. He will keep his current $2.2 million base and deferred pay through the rest of the year, but beginning next year, his total compensation will not exceed $600,000 according to the Wall Street Journal.

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""Our thorough and thoughtful evaluation of qualified and interested candidates focused on a singular goal â€" to secure the best leader for Fannie Mae,"" said Philip Laskawy, chairman of the board. ""We achieved our goal by selecting Tim.""

Williams leaves Fannie Mae after serving as CEO for three years. He joined Fannie Mae in 1991 where he served in various roles in the Single-Family and Corporate Information Systems divisions. Williams lead ""the company's effective response to the housing crisis and the rebuild of the company since 2009,"" according to the release issued by the GSE.

""We have successfully completed the first phase of conservatorship and I am proud of our employees and what we have accomplished together. I know that I am leaving Fannie Mae in very capable hands with Tim as CEO,"" said Williams.

Mayopoulos joined Fannie Mae in 2009 as general counsel. He brings more than 25 years of experience to his new leadership post. Prior to joining Fannie Mae, he was EVP and general counsel of Bank of America Corporation. Previously, he served in senior management roles at Deutsche Bank AG; Credit Suisse First Boston; and Donaldson, Lufkin & Jenrette, Inc.

""Tim brings a breadth of knowledge and experience in housing finance and financial services that is vital at this important time for Fannie Mae and the nation's housing finance system,"" said Edward J. DeMarco, FHFA acting director. ""I look forward to working with him on the next phase of the conservatorship and the efforts to transition beyond.""

About Author: Sara Ortega

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