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Investing

News Break: Fannie Mae CEO Steps Down

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By Jon C. Ogg Updated Published

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CNBC is reporting that Mike Williams, CEO of Fannie Mae, is stepping down from the GSE. Whether he was forced out or not is not known, but let’s just say that the public is no longer in support of Fannie Mae in the same manner in which it was in the years earlier.  Keep in mind that the agency may be putting taxpayers on the hook, but Fannie Mae (and Freddie Mac) did help to lower the costs of all mortgage borrowing for what were conforming mortgages.  So if you haven’t defaulted on your conforming mortgage, you are probably getting a slightly better mortgage payment each month.

And the attitude that most of the public will take today… “Dear sir, please do not let the door hit you on the rear end on the way out.”

The news is also being headlined by the WSJ and others as of now.

JON C. OGG

 

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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