Federal National Mortgage Association Board Chair Sheila C. Bair has announced her decision to resign effective May 1, 2022 and that the Board has unanimously elected Michael J. Heid to succeed her. Heid served as Executive Vice President (Home Lending) of Wells Fargo & Company from 1997 to his retirement in January 2016. He served in a number of positions at Wells Fargo Home Mortgage, the mortgage banking division of Wells Fargo, including as president from 2011 to September 2015, as co-president from 2004 to 2011, and earlier as chief financial officer and head of Loan Servicing.

Heid was employed by Wells Fargo or its predecessors since 1988. He also currently serves on the Board of Roosevelt Management Company and the Advisory Board for Home Partners of America and Promontory MortgagePath. Separately, Fannie Mae also announced the resignation of Antony Jenkins from the Board, effective May 1, 2022, who also cited time commitments as the reason for his departure.