Fannie Mae chief steps down

The head of US mortgage funder Fannie Mae quit yesterday, less than three months after the chief of America’s other mortgage backer Freddie Mac left his post. Michael J Williams said “the time is right to turn over the reins to a new leader”, after almost three years in the top job saw him take on the aftermath of the US debt crisis. He spent almost 21 years working at the group, and will leave once a successor is found. Freddie Mac head Charles Haldeman Jr stepped down in October after two years.