Michael Williams announced that he is leaving FNMA.  The CEO has been at the firm since 1991 and was promoted to run the place in April 2009.  It would be fair to say that he has a great working knowledge of Fannie Mae.  He also recieved a pay package of $900k per year and $6 million in deferred/bonus pay.  He will leave his post as soon a the board finds a successor.

Ahem. 

I humbly offer my services.

I think I can step in.  I have never worked for a government agency.  I have never worked at a mortgage company.  Aside from buying and selling several personal residences (never rental property), I have never been party to a real estate transaction.  I do have some experience as a bond trader, so I understand credit markets and securitization.

With so little in the way of applicable background, you might wonder why 1) I would want the job and 2) what makes me think I'm qualified.  Both are good questions.

I want the job because it is obvious you can fail on a colossal scale and still earn a multi-million dollar pay package.  Imagine what that does to your ability to sleep at night!  Mr. Williams is not getting fired, he's choosing to leave!  He is not being shown the door because of incredibly bad performance by the company he is leading, he is simply choosing to exit.  If you know that your company is bankrupt and that corporate performance has no affect on your millions in pay, then you've got a sweet deal.  I'll take it.

As for qualifications, I don't really worry about that one.  The people who were deemed qualified, including Mr. Williams, successfully ran an entity into the ground when they had superior financing (cheaper money than any other agency or company in the mortgage business) and access to the halls of government.  If people who were 'qualified' blew the company up and with their sister company FHLMC have, so far, cost US taxpayers around $150 billion, how bad could my performance be? 

I'll email in my resume with a short cover letter that in part reads:  Never accused of a crime, never mis-stated financials of my company, and never exposed taxpayers to billions in liabilities.

I should be a shoe-in.

Posted in : Real Estate 

Comments

After you fix FNMA and FHLMC, could you work on the post office?
Posted by sakarski@netscape.net | January 13,2012 01:49 PM

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