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BREAKING NEWS FROM CNBC’S DIANA OLICK: FANNIE MAE CEO MICHAEL WILLIAMS TELLS CNBC: IT WAS TIME TO STEP DOWN

WHEN: Today, Tuesday, January 10th

WHERE: CNBC’s “Fast Money

Following is the unofficial transcript of breaking news from CNBC’s Diana Olick. All references must be sourced to CNBC.

Fannie Mae CEO Resigns

DIANA OLICK: I JUST GOT OFF THE PHONE WITH FANNIE MAE CEO MIKE WILLIAMS AND I ASKED HIM WHY HE IS STEPPING DOWN NOW. HE TOLD ME SIMPLY IT WAS TIME, HE WANTED TO GIVE THE BOARD A CHANCE TO FIND THE RIGHT CEO AND THEN HE ADDED THESE ARE CHALLENGING JOBS THAT YOU HAVE TO LOOK AT IN TWO TO THREE YEAR INCREMENTS. HE SAID THIS HAS BEEN A VERY DEMANDING THREE YEARS, HE EXPECTS THE BOARD TO MOVE VERY QUICKLY, WITHIN THREE MONTHS OR SO. I ASKED HIM WHAT HIS GREATEST FRUSTRATION WAS HE SAID THAT HE THINKS IT’S PERSONALLY KNOWING HOW HARD PEOPLE IN THE COMPANY WORKED AT SOLVING THE ISSUES, THAT THERE WAS NOT ENOUGH RECOGNITION OF THE GOOD WORK DONE AT FANNIE MAE TO HELP MOVE THE COMPANY, HOUSING AND THE INDUSTRY FORWARD. HE SAID WE ARE STILL BATTLING PRE 2008. HE DIDN’T SAY WHERE HE IS GOING NEXT. HE SAID HE IS GOING TO TAKE SOME TIME TO THINK ABOUT THAT, BUT AGAIN HE USED THE WORD FRUSTRATING AND DEMANDING MANY TIMES AND HE SAID HE WILL PROBABLY BE GONE IN THE NEXT THREE MONTHS OR SO.

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