Prospect Appoints Former Fannie Mae Exec as CEO

Leading home purchase lender Prospect Mortgage announced this week the appointment of Michael J. Williams as CEO, effective immediately.

Formerly CEO of Fannie Mae, Williams has served as a leader at Prospect since 2012, when he took a role as chairman of the company's board of directors.

"As Chairman, I have always been impressed with Prospect's industry leadership and the power of its retail purchase lending platform," Williams said. "Now, as the housing finance system continues to undergo substantial change, I believe we are well positioned to expand our retail platform and accelerate the next phase of the company's growth."

Williams' housing experience dates back decades. Having served at Fannie Mae for more than 20 years in several key roles, he became CEO in 2009, leading the company through its initial transformation under conservatorship of the Federal Housing Finance Agency. Under his leadership, Fannie Mae executed a significant reversal, turning around from a $23 billion loss in Q1 2009 to a profit of $5.1 billion in Q2 2012.

Williams also works on the board of directors for Realogy Holdings Corp. as well as Drexel University and the Children's National Health System.

In his new position, Williams is taking over for Ronald Bergum, who will now focus on strategic growth initiatives, acquisitions, and product development as managing partner.

"Having known Mike since 2009, I've witnessed his ability to understand our evolving market, sense opportunities, and execute against those opportunities in a collaborative way," Bergum said. "I know our employees and executive team’s passion and hunger for success will only grow stronger under Mike's leadership, and I am excited to be able to help continue to build this company."