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Changes at Fannie Mae and Freddie Mac
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After only one year as the director for the Federal Housing Finance Agency, James Lockhart announced he is stepping down, and plans to return to work in the financial-services industry in New York. The Federal Housing Finance Agency is the Fannie Mae and Freddie Mac regulator, created during the government's seizure of the two companies. According to the Wall Street Journal article, the Obama administration will need to select new director and is expected to make changes to the companies, which it says will be announced in February.
The Obama administration is expected to make major changes to the mortgage agencies, Fannie Mae and Freddie Mac , who buy and securitize most of the nation’s prime mortgages. Currently the agencies are holding troubled loans that could be removed and placed into another government backed financial entity. The government is considering many ways to overhaul the Agencies, and is scheduled to discuss options at the White House's National Economic Council on Thursday.
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