The resignation of Fannie Mae CEO Michael Williams brings to the surface a fundamental problem: The federal government’s housing policy is in chaos. The confusion over how to fix the housing market and what to do with the mortgage giant, is so deep, some industry observers wonder who would even possibly want to step into Williams’ shoes.

Williams’ departure comes roughly three months after that of Freddie Mac CEO Charles E. Haldeman Jr. and raises questions about the future of the two mortgage giants, which collectively guarantee more than 70 percent of U.S. real estate loans, according to third quarter filings from the companies.

“These can be difficult jobs to recruit into because it’s unclear what, at this point, the position is,” said David Stevens, president of the Mortgage Bankers Association. “Are you looking for a wind-down expert? Someone who can bring the company to profitability? A finance expert who can manage a very complex financial portfolio?”

Lawmakers criticized Williams and Halderman last fall when they testified before Congress that they each received a compensation package of more than $1 million in 2009. The compensation had been approved by the boards of both companies and the federal regulator who oversees the mortgage giants. Williams also testified that he was slated to receive a base salary of $900,000 in 2011 plus a combination of deferred and bonus pay that could be worth as much as $6 million.

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