New Fannie Mae CEO will stay out of BofA spat

Timothy Mayopoulos served as lender's top lawyer

Fannie Mae’s new CEO will reportedly recuse himself from decisions involving the mortgage giant’s dispute with Bank of America over billions in loan repurchase requests.

Timothy Mayopoulos will take over as Fannie Mae CEO on June 18, three years after joining the company’s management team. Before joining Fannie Mae, Mayopoulos was executive vice president and general counsel of Bank of America Corp.