Fannie Mae today announced that effective immediately it is realigning its organizational structure.
The agency's three lines of business single-family mortgage guaranty, capital markets, and housing and community development as well as their respective leadership will report directly to President and Chief Executive Officer Herbert Allison, Jr.
Technology and operations will report to Chief Operating Officer Michael Williams. The structure and function of government and industry relations is under review, a release from the agency said.
CEO Allison also said that he would continue to review the firm's organizational structure to make needed changes.
"Fannie Mae is building a new organizational structure as we take the company in a new direction to serve a dramatically changing market," Allison said. "The company's organization will be flatter, with clear lines of authority and strong checks and balances, and a closer link between our businesses and top management. Above all, we will embrace and make needed changes so we can better help to stabilize and serve the market ahead."