(Reuters) - Fannie Mae , the largest backer of loans in the U.S. housing market, named Timothy Mayopoulos its new Chief Executive Officer.
Mayopoulos will succeed Michael Williams, who had notified the company of his intention to step down earlier this year.
Effective January 1, 2013, Mayopoulos's direct compensation will consist solely of base salary at the rate of $600,000 per year, Fannie Mae said in a regulatory filing.
(Reporting by Aman Shah in Bangalore; Editing by Joyjeet Das)
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