Ousted Bank of America Lawyer Gets Top Job at Fannie Mae

A lawyer ousted as general counsel at Bank of America is getting a new job: He has been appointed president and CEO of Fannie Mae, where he currently serves as general counsel.

The appointment of Timothy Mayopoulos, 53, was announced yesterday, report the New York Times and Bloomberg. His company has been at odds with Bank of America; at issue is whether Bank of America should buy back home loans with allegedly poor underwriting standards that it sold to Fannie Mae.

Mayopoulos has recused himself from direct involvement in the dispute, the Times says. He spoke with the newspaper about his new position at the mortgage giant that has taken more than $116 billion in bailout aid. “I am excited, but I’m not naïve,” Mayopoulos told the Times. “I know this is a very difficult and challenging job.”

Mayopoulos has said he was given no reason for his dismissal at Bank of America. He said he was asked to leave immediately and to turn in his corporate ID, company credit card, office keys and BlackBerry.

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