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Fannie Mae gets new CEO

Herb Allison leaving to oversee TARP program

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Fannie Mae has appointed former Chief Operating Officer Michael J. Williams to succeed Herbert Allison as president and chief executive officer, the company said. Allison was nominated Friday by the Obama administration to oversee the $700 billion Troubled Asset Relief Program, or TARP, as the Assistant Secretary for Financial Stability. Williams has overseen restructuring of the company's foreclosure-prevention and loss-mitigation operations, and led the company's efforts to carry out the Obama administration's Making Home Affordable loan refinance and modification initiatives, Fannie Mae said in a press release. He also managed the company's reorganization and transition to government conservatorship. Sister company Freddie Mac, which lost CEO David Moffett to the private sector in March (see story), is currently headed by an interim CEO, John Koskinen. Koskinen, the former president of the United States Soccer Foundation, is expected to serve in the position until the F...