| A Bush administration appointee is relinquishing his role as regulator of Fannie Mae and Freddie Mac.
Federal Housing Finance Agency Director James B. Lockhart III issued a statement today indicating he is leaving the regulator. Lockhart became FHFA director when the agency was created as a result of the signing of H.R. 3221, The Housing and Economic Recovery Act of 2008, by President Bush on July 30, 2008. Prior to that he was director of FHFA’s predecessor, the Office of Federal Housing Enterprise Oversight, where he was appointed by Bush and confirmed by the U.S. Senate in 2006. In today’s statement, Lockhart touted his role in strengthening regulation and oversight of Fannie, Freddie and the Federal Home Loan Banks. He also praised the launch of the Making Home Affordable initiative.
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James B. Lockhart III |
“This has been one of the most challenging and rewarding assignments of my career,” Lockhart said in the statement. “As the housing market is starting to stabilize and the housing GSEs are strongly supporting the mortgage markets and other financial institutions, it is time for me to move on to the next chapter.”
Named as acting director was FHFA Chief Operating Officer Ed DeMarco.
DeMarco previously served as a deputy director for OFHEO.
