P.M. BRIEFING : Fannie Mae Chairman to Resign
From Times Wire Services
WASHINGTON —
The Federal National Mortgage Assn. announced today the retirement of Chairman David Maxwell effective Jan. 31 and said he would be replaced by Vice Chairman James Johnson.
Roger Birk will continue as president of Fannie Mae, a congressionally chartered, shareholder-owned company and the nation’s largest investor in home mortgages.
“I have long believed that if, after 10 years as head of a large corporation, you have accomplished what you set out to do, you should make way for fresh leadership,” said Maxwell, whose contract expires at the end of January.
The government-sponsored enterprise said that since Maxwell became chairman, it has channeled more than $450 billion in mortgage money from financial markets to more than 7 million families.
