Friday, November 12, 2010

Obama to Nominate North Carolina Regulator for Fannie Mae, Freddie Mac Overseer

President Barack Obama will nominate North Carolina Banking Commissioner Joseph A. Smith Jr. to be chief regulator for Fannie Mae and Freddie Mac as the administration prepares to overhaul the mortgage firms, Bloomberg News reported yesterday. Smith will be named as soon as today as Obama's choice to become director of the Federal Housing Finance Agency. The agency has overseen the two companies since they were seized by regulators in September 2008. If confirmed by the Senate, Smith would replace acting FHFA director Edward J. DeMarco in a post that would also place him in charge of the nation's 12 Federal Home Loan Banks