Prospect Mortgage Taps Former Fannie Mae Chief for Board Chair

""Prospect Mortgage, LLC,"":http://www.MyProspectMortgage.com announced the appointment of Michael J. Williams, former president and CEO of ""Fannie Mae"":http://www.fanniemae.com, as chairman of its board of directors.

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Prospect Mortgage is a top-10 originator of home purchase loans, offering conventional, jumbo, super-jumbo, Federal Housing Administration, and Veterans Affairs mortgages as well as home renovation loans. The California-based lender is backed by ""Sterling Partners"":http://www.sterlingpartners.com, a private equity firm with approximately $5 billion of assets under management. Sterling Partners facilitated Williams' appointment.

Prospect CEO Ronald L. Bergum says the addition of Williams as board chairman marks an important milestone in the company's growth. ""It is a tremendous privilege and opportunity to be able to add an individual of Michael's caliber

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to the Prospect team,"" Bergum said. ""He brings a comprehensive understanding of the housing sector, the mortgage finance industry, and the evolving regulatory landscape.""

After serving in several key roles at Fannie Mae, Williams became the company's CEO in April 2009, leading the company through a period of substantial transformation during its conservatorship. During his tenure, the company transitioned from a $23 billion loss in the first quarter of 2009 to a profit of $5.1 billion in the second quarter of 2012. Under Williams' leadership, the GSE provided over $2.7 trillion in liquidity to the market, enabling over 8.1 million homeowners to refinance their mortgage, 2.2 million families to purchase a home, and 1.3 million units of affordable rental housing to be constructed.

""The housing market is positioned for a period of solid, sustainable growth in which well-managed, disciplined, and innovative companies will have substantial success,"" commented Williams. ""Under Ron Bergum's leadership, and with the support of Sterling Partners, Prospect Mortgage possesses the resources, capabilities, and talent to succeed in this new competitive landscape.""

Prior to his time at Fannie Mae, Williams held positions at KPMG Peat Marwick and the DuPont Company. He currently serves on the board of trustees at Drexel University and on the advisory board for its LeBow School of Business. He was also recently appointed to the board of directors of Realogy Holdings Corp.