Fannie Mae has selected Timothy J. Mayopoulos, the company’s current executive vice president, as its new president and chief executive officer, the Washington-based mortgage finance company announced today.

Mayopoulos, 53, will replace current CEO Michael J. Williams, a longtime company employee who said in January that he would step down after serving in the top position for three years.

Fannie Mae and its smaller rival, Freddie Mac, have operated under U.S. conservatorship since September 2008, when investments in risky mortgages pushed them to the brink of collapse. The taxpayer-owned company has drawn a total of $117.1 billion in aid from the U.S. Treasury while under federal control.

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