Fannie Mae taps new CEO

Fannie Mae announced Tuesday that its general counsel, Timothy Mayopoulos, would become its next chief executive officer.

Mayopoulos will take over the top spot at the housing giant on June 18, at a key moment in the government-sponsored enterprise's life span. Fannie and fellow GSE Freddie Mac had to be bailed out by the government following the housing downturn in 2008, and have tapped the government for billions in aid.

Meanwhile, policymakers agree that the nation's housing finance system is in desperate need of an overhaul, but so far, there's been little evidence of progress or common ground.

"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," said Mayopoulos. "Our nation needs and deserves a better system to support sustainable homeownership."

Before joining Fannie, Mayopoulos was an executive vice president and general counsel of Bank of America Corp. He will replace current CEO Michael Williams, who announced in January he would be leaving after spending three years running the bailed-out institution.

Edward DeMarco, the acting director of the Federal Housing Finance Agency, which oversees the GSEs, praised the selection.

"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," he said. "I look forward to working with him on the next phase of the conservatorship and the efforts to transition beyond."

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