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The executive chosen to lead Fannie Mae through a government takeover has been tapped to oversee the $700 billion rescue of the U.S. financial system, the White House said Friday.
Herb Allison was named as president of Fannie Mae [FNM
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] in September, when the Treasury Department seized the mortgage-finance company and its sibling agency, Freddie Mac [FRE
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Allison spent more than 25 years with Merrill Lynch [MER
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] before becoming chairman and chief executive officer of TIAA-CREF.
After six years as the head of the asset-management firm, Allison retired in 2008 and was asked by former Treasury Secretary Henry Paulson to become conservator of Fannie Mae, the nation's largest source of mortgage finance.
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