Private Equity Fund Hires Ex-Fannie Chief to Chair Mortgage Unit
Prospect Mortgage, Sherman Oaks, Calif., which has been on a hiring tear of late, Thursday named former Fannie Mae CEO Michael Williams as chairman of the company.
Williams resigned from Fannie in January.
Prospect Mortgage is backed by Sterling Partners, a private equity firm with $5 billion of assets under management. Sterling Partners said it helped bring Williams to the table.
A few weeks back the nonbank lender hired industry veteran Amy Brandt to lead the company’s expansion into correspondent lending and servicing.
In a press statement Prospect CEO Ronald Bergum said Williams brings the lender “comprehensive understanding of the housing sector, the mortgage finance industry and the evolving regulatory landscape.”
Among residential funders, Prospect ranks 26th nationwide, according to figures compiled by National Mortgage News and the Quarterly Data Report. It grew production by 17% in the second quarter.
Williams was named Fannie CEO in April 2009, about six months after the GSE was placed in conservatorship by the government.