Fannie Mae chief executive officer Michael Williams has announced he will resign from the position pending the approval of a successor.
With the announcement, both Williams and Freddie Mac CEO Charles Haldeman, are slated for departure from their posts sometime in 2012.
According to the government-sponsored enterprise, Williams, who joined the company in 1991, will step down from the position as soon the the board of directors selects a new CEO.
"I decided the time is right to turn over the reins to a new leader," said Williams. "As I told our employees today, I am extremely proud of what we have achieved together, and I am confident that they will continue to make a positive difference."
Fannie's overseer, the Federal Housing Finance Agency, will work closely with mortgage giant during the search for a new CEO to ensure that the company will continue to provide mortgage information, rates and solutions to American homeowners.
Meanwhile FHFA acting director Ed DeMarco applauded the time Williams spent in the position, stating that he made it his public mission to bring stability to the mortgage finance industry.