Timothy Mayopoulos is leaving his post as the general counsel of Fannie Mae to take the helm of the government-backed mortgage company.
Mayopoulos, who joined Fannie in April 2009 while the company was starting to recover from the 2008 financial crisis, will become president and chief executive officer of the mortgage giant on June 18. He will replace Michael Williams, who announced in January that he will depart.
“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 said in a statement. “Our nation needs and deserves a better system to support sustainable homeownership.”