April 20, 2009 (FinancialWire) — Mortgage funder Fannie Mae (NYSE: FNM) has appointed Michael J. Williams as president and chief executive officer and a director. Williams succeeds Herbert M. Allison, Jr., who has been nominated to be assistant secretary for financial stability and counselor to the secretary at the U.S. Department of the Treasury.

Williams previously served as the company’s executive vice president and chief operating officer. In the wake of the market downturn, he oversaw the bolstering and restructuring of the company’s foreclosure-prevention and loss mitigation operations, and this year he has led the company’s efforts to carry out the Obama administration’s loan refinance and modification initiatives.

He also managed and executed Fannie Mae’s restatement, reorganization and transition to conservatorship.

Washington, D.C.-based Fannie Mae has a federal charter and operates in America’s secondary mortgage market to provide funds to mortgage bankers and other lenders.

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