President Barack Obama will tap Fannie Mae Chief Executive Herb Allison to head the government's $700 billion Troubled Asset Relief Program, an administration official told CNBC. Allison, 65 years old, is the former chairman of investment company TIAA-CREF and was an executive at Merrill Lynch.
In September, he agreed to run Fannie Mae after the
The selection will leave the administration searching for permanent leaders of both Fannie and Freddie. David Moffett, Freddie's CEO, announced his resignation last month.