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President Obama said Friday that he intends to nominate North Carolina Banking Commissioner Joseph A. Smith, Jr. to head the ""Federal Housing Finance Agency"":http://www.fhfa.gov (FHFA), which oversees mortgage giants ""Fannie Mae"":http://www.fanniemae.com and ""Freddie Mac"":http://www.freddiemac.com.
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If confirmed by the Senate, Smith will replace Edward DeMarco, who has served as acting director of the agency since September 2009.
Lawmakers have been urging the president to ""appoint a permanent FHFA director"":http://dsnews.comarticles/lawmakers-call-for-legal-action-against-lenders-who-saddled-gses-with-losses-2010-08-20 for months now. More specifically, they're calling for someone who will ""aggressively pursue claims"" on behalf of Fannie Mae and Freddie Mac to force lenders to buy back bad loans that were sold off to the GSEs during the housing boom, according to letters sent to the president from Rep. Barney Frank and Rep. Paul Kanjorski.
[COLUMN_BREAK]The timing of Smith's appointment would put him at the center of the administration's efforts to reform the nation's housing finance system and decide the future of Fannie and Freddie. Officials have said they plan to put forth a proposal for restructuring the two mortgage companies early next year.
""Mr. Smith brings to this position both tremendous expertise and a deep commitment to strengthening our housing finance system for the American people. I'm grateful that he has accepted this nomination, and I look forward to working with him in the months and years to come,"" President Obama said in a statement.
Smith has held the office of North Carolina's commissioner of banks since June 2002. His current term ends on March 31, 2011.
As commissioner, he heads an agency charged with the supervision of banks and thrift institutions; the licensing and regulation of firms and individuals engaged in mortgage banking and brokerage; and the regulation of consumer finance enterprises.
Smith is immediate past chair of the Conference of State Bank Supervisors and founding member of the board of managers of State Regulatory Registry, a limited liability company established to implement a nationwide mortgage licensing system.
