Prospect Mortgage, a Sherman Oaks, Calif.-based home purchase lender, has appointed Michael Williams, a former president and CEO of Fannie Mae, chairman of its board of directors. Prior to Fannie Mae, Williams held positions at KPMG Peat Marwick and the DuPont Company. Prospect is backed by the private equity firm Sterling Partners.
SHERMAN OAKS, Calif., Nov. 29, 2012 /PRNewswire via COMTEX/ — Prospect Mortgage, LLC (“Prospect” or the “Company”), a leading home purchase lender, has announced the appointment of Michael J. Williams, the former President and CEO of Fannie Mae, as Chairman of its Board of Directors.
“We have grown Prospect into a top-10 originator of home purchase loans and one of the country’s leading FHA renovation lenders. The addition of Michael Williams to our Board marks an important milestone in our company’s growth,” said Prospect CEO Mr. Ronald L. Bergum. “It is a tremendous privilege and opportunity to be able to add an individual of Michael’s caliber to the Prospect team. He brings a comprehensive understanding of the housing sector, the mortgage finance industry and the evolving regulatory landscape. I look forward to partnering with Michael as we continue to build a world-class organization at Prospect.”
Prospect Mortgage is backed by Sterling Partners, a private equity firm with approximately $5 billion of assets under management. Sterling Partners helped facilitate Mr. Williams’ appointment.
After serving in several key roles at Fannie Mae, Mr. Williams became the company’s CEO in April 2009, leading the company through a period of substantial transformation during its conservatorship. During his tenure, the company transitioned from a $23 billion loss in the first quarter of 2009 to a profit of $5.1 billion in the second quarter of 2012. Under Mr. Williams’ leadership, the company provided over $2.7 trillion in liquidity to the market, enabling over 8.1 million homeowners to refinance their mortgage, 2.2 million families to purchase a home, and 1.3 million units of affordable rental housing to be constructed.
“The housing market is positioned for a period of solid, sustainable growth in which well-managed, disciplined and innovative companies will have substantial success. Under Ron Bergum’s leadership, and with the support of Sterling Partners, Prospect Mortgage possesses the resources, capabilities and talent to succeed in this new competitive landscape and to solidify its role as an industry leader,” said Mr. Williams. “I am extremely pleased to have this opportunity to once again work closely with Ron and his leadership team.”
“Sterling has worked very closely with management to identify Michael Williams; Michael’s appointment matches our own philosophy in that we believe the right management team helps to inspire growth, ensure long-term success and build valuable and sustainable businesses,” said Mr. Steven Taslitz, Chairman and Senior Managing Director of Sterling Partners.
Prior to Fannie Mae, Mr. Williams held positions at KPMG Peat Marwick and the DuPont Company. He has a Master of Business Administration degree in finance and a Bachelor of Science degree from Drexel University, where he serves on the Board of Trustees and on the Advisory Board for its LeBow School of Business. He serves as treasurer of the Board of Directors for the Children’s National Medical Center in Washington, D.C., and was recently appointed to the Board of Directors of Realogy Holdings Corp.
About Prospect Mortgage, LLC
Prospect Mortgage is a top-10 national home purchase lender offering a full range of quality home loans, including FHA and VA, conventional, jumbo and super jumbo, renovation, and more. It is backed by Sterling Partners, a private equity firm with approximately $5 billion of assets under management and offices in Chicago, Baltimore, and Miami. For more information about Prospect Mortgage, visit www.MyProspectMortgage.com . Visit Prospect on Twitter at www.twitter.com/myprospectmtg and follow the company on Facebook at www.facebook.com/prospectmtg .
About Sterling Partners
Sterling Partners is a private equity firm with a distinct point of view on how to build great companies. Founded in 1983, Sterling has invested billions of dollars, guided by the company’s stated purpose: INSPIRED GROWTH(TM), which describes Sterling’s approach to buying differentiated businesses and growing them in inspired ways. Sterling focuses on investing growth capital in small and mid-market companies in industries with positive, long-term trends – education, healthcare, and business services. Sterling provides valuable support to the management teams of the companies in which the firm invests through a deep and dedicated team of operations and functional experts based in the firm’s offices in Chicago, Baltimore and Miami.
The people at Sterling believe in ideas and ideals, in people and partnerships that drive long-term success. For more information, please visit www.sterlingpartners.com .