CHAPTER 6Fannie Mae’s Opponents Change Tactics

IN 1989 DAVID MAXWELL HAD BEEN CHAIRMAN OF FANNIE MAE for almost nine years. He had accomplished all he had set out to do. Fannie Mae had been pulled back from the brink and transformed into a healthy and sophisticated financial institution with a leadership culture focused on its housing mission. Maxwell found himself giving the same speeches to the same groups. He was beginning to get bored. It was time to think about stepping down and putting the company in the hands of a successor.

A New Chairman for New Times

His choice was Jim Johnson. Maxwell had met Johnson at a dinner party in the mid-1980s and been extremely impressed by him. Johnson held a master’s degree in public policy from Princeton. ...

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