Fannie mae ceo to resign

Fannie Mae CEO Michael Williams plans to resign, the government-controlled mortgage giant said Tuesday.

Williams, who took over as president and CEO of the troubled company in 2009, will continue as CEO until Fannie Mae's board names a successor.

The firm did not provide a specific reason for Williams' departure; in a statement, Williams said only that he had decided that "the time is right to turn over the reins to a new leader."

Williams will leave behind a firm still struggling to get its finances in order.

Source: CNN Money