Aug. 5 (Bloomberg) -- Federal Housing Finance Agency Director James Lockhart, who regulates mortgage-finance companies Fannie Mae and Freddie Mac, will soon resign, according to a Treasury official.
The Obama administration doesn’t have an long-term replacement lined up to replace Lockhart, who was appointed by former President George W. Bush, said the official, who asked not to be identified because no announcement has been made.
Lockhart, 63, has been running the agency since April 2006. The regulator, a Republican and long-time friend of Bush, said in an interview last year that he wouldn’t stay at the agency even if President Barack Obama asked.
The Obama administration has been using Washington-based Fannie Mae and McLean, Virginia-based Freddie Mac in its efforts to revive the housing market and avert foreclosures. The administration and Congress are also considering restructuring the government-sponsored enterprises, possibly as public utilities, or liquidating their assets.
The companies’ shares surged. Fannie Mae rose 29 percent to 73 cents, and Freddie Mac climbed 30 percent to 79 cents at 1:50 p.m. in New York Stock Exchange composite trading.
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The feds piled up the tinder... poured on the gasoline... and lit the match. And now, what do you know... they’ve all joined the fire department! - Marc Faber
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