Fannie Mae Tuesday afternoon selected its general counsel, Timothy Mayopoulos, to be the GSE’s new president and chief executive, effective June 18.
A former general counsel at Bank of America, Mayopoulos has served as Fannie’s chief counsel for the past three years.
He replaces president and CEO Michael Williams who announced his intention to leave the giant mortgage company back in January. “I know I am leaving Fannie Mae in very capable hands with Tim as the CEO,” Williams said.
Federal Housing Finance Agency acting director Edward DeMarco approved the pick made by Fannie’s board of directors.
“We applaud the board’s selection and welcome Tim to this new role where he will lead efforts to continue strengthening Fannie Mae and provide critical foreclosure prevention services as we build the foundation for the secondary mortgage market of the future,” DeMarco said.
Fannie Mae and its sister company, Freddie Mac, recently reported net profits for the first quarter. Both are working on plans to lay off some of their current risk to private investors via reinsurance and loss-sharing arrangements.
