Jan. 12, 2012 – After Fannie Mae was a key driver of the world financial meltdown in 2008-09, Michael J. Williams was named CEO in April, 2009. Although he was a longtime Fannie executive, Williams was promoted to help clean things up. Fannie Mae and sister mortgage-banking giant Freddie Mac, have already accounted for more than $150 billion federal bailout.
Frequent press reports say both agencies are in need of more capital and the feds could find themselves on the hook for as much as another $100 billion. Fannie owns “roughly half of all home mortgages in existence today in the United States,” according to eForeclosure.
“Since his appointment, Williams has faced intense fire from critics who have blasted Fannie Mae from both sides of the aisle in regard to . . . over $35 million in executive bonuses granted to key leadership in 2009 and 2010,” the eForeclosure article disclosed.
The Wall Street Journal reports Williams earned “a base salary of $900,000 for 2011 with deferred and bonus pay worth up to $6 million.”