President of Fannie Mae will save the U.S. economy.

President of the largest U.S. mortgage agency Fannie Mae, Herbert Allison (Herbert Allison) was the candidate of the White House for the office responsible for the disbursement of funds as part of a plan to rescue the U.S. economy (Trouble Asset Relief Program - TARP). This was on Friday reported Associated Press.
If the nomination is approved Ellison U.S. Senate, he will be formally appointed Deputy Minister of Finance of the U.S. Timothy Gaytnera for financial stability.
In Fannie Mae information on the appointment of Ellison and his resignation as president of the company declined comment. According to The Wall Street Journal, a likely candidate for the post of Ellison, if he eventually leaves the agency, will be Michael J. Williams (Michael J. Williams), has extensive experience in the company in senior positions.
According to the AP, as responsible for anti-crisis program of the U.S. will succeed Allison Neil Kashkar (Neel Kashkari), approved to the post during the administration of George W. Bush. Previously reported on the appointment of Neil Barofski (Neil Barofsky) for the post of auditor of funds under the program of TARP. Whether the same post, did not specify.
Recall plan to adopt anti-crisis measures for improving the economic situation in the United States, provides 787 billion dollars to overcome the effects of the financial crisis.
Fannie Mae, along with other major U.S. agency mortgage - Freddie Mac - to act as guarantors for the mortgage commitments amounting to 5.3 trillion dollars, which corresponds to approximately half of all U.S. mortgage market. Only since the beginning of 2008 due to the mortgage crisis, loss of agencies exceeded $ 14 billion.