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BREAKING NEWS FROM CNBC’S DIANA OLICK: FANNIE MAE CEO MIKE WILLIAMS TO STEP DOWN

WHEN: Today, Tuesday, January 10th

WHERE: CNBC’s “Closing Bell with Maria Bartiromo

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

Fannie Mae CEO Steps Down

DIANA OLICK: CNBC HAS LEARNED THAT FANNIE MAE CEO MIKE WILLIAMS WILL BE STEPPING DOWN. NO DETAILS YET AS TO WHEN, BUT WE HAVE LEARNED, SOURCES SAYING, FANNIE MAE CEO CONFIRMED WILL BE STEPPING DOWN FROM HIS POST. HE STARTED AT FANNIE MAE IN 1991, HE BECAME CEO IN 2009, THAT WAS A YEAR AFTER FANNIE MAE WENT INTO GOVERNMENT CONSERVATORSHIP. HE’S RECENTLY BEEN UNDER FIRE ALONG WITH HIS COHORT FROM FREDDIE MAC, CHARLES HALDEMAN, WHO ALSO SAID HE IS STEPPING DOWN THIS YEAR FOR HIGH PAY AND HIGH BONUSES ABOUT SIX MILLION DOLLARS EACH, ACCORDING TO REPORTS TO CONGRESS. BUT WE DON’T HAVE ANY DETAILS SO FAR YET AS TO WHY -- FANNIE MAE MAY BE PUTTING OUT A RELEASE LATER, BUT WE DO HAVE IT CONFIRMED THAT HE WILL BE STEPPING DOWN. I HAVE INTERVIEWED HIM SEVERAL TIMES ON AIR AND ALSO ON BACKGROUND. HE IS VERY LOW KEY, VERY FOCUSED ON LOSS MITIGATION, ON ALL THE LOSSES THAT FANNIE MAE HAS INCURRED SINCE THE MORTGAGE CRASH. FANNIE MAE AND FREDDIE MAC TOGETHER OWING 150 BILLION DOLLARS TO THE FEDERAL GOVERNMENT. HE DOESN’T ROCK THE BOAT, HE IS VERY LOW KEY, VERY FOCUSED AND HE HAS BEEN A COMPANY MAN FOR A VERY LONG TIME, AGAIN SINCE 1991. BUT CNBC CONFIRMING CEO OF FANNIE MAE MIKE WILLIAMS WILL BE STEPPING DOWN.


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