DeMarco Tapped to Temporarily Takeover Lockhart’s Post as FHFA Director

James B. Lockhart, Director of the Office of Federal HousingrnEnterprise Oversight (OFHEO) and itrnsuccessor the Federal Housing Finance Agency (FHFA) announced his resignationrntoday.

Lockhart jointed OFHEO in May 2006 and was in charge ofrnregulating Fannie Mae and Freddie Mac during the turbulent times resulting fromrnaccounting scandals in the early part of the decade and the collapsing housingrnmarket that culminated in a federal takeover of the two government sponsoredrnenterprises last year.   

Edward J. DeMarco, deputy director and chief operatingrnofficer has been named acting director.

In announcing his resignation, Lockhart called his stint atrnFHFA “one of the most challenging and rewarding of my career,” and said he wasrnpleased with the work that had been accomplished during a difficult period.

“When I took the reins at OFHEO,” he said, “one of my goalsrnwas to achieve passage of the much-needed GSErnreform legislation that created a much stronger regulator for Fannie Mae,rnFreddie Mac, and the Federal Home Loan Banks. rnThis goal was accomplished on July 30, 2008 and FHFA just celebrated its one-yearrnanniversary.”  He pointed to thernestablishment of the Home Affordable Modification and Refinance Programs andrnits forerunner the Streamlined Modification Program as important steps taken byrnthe agency to help stabilize the housing market.

Mr. Lockhart did not mention his future plans in hisrnannouncement but did applaud the temporary appointment of DeMarco.

Edward DeMarco joined OFHEO in October 2006.  He had previously been the assistant deputyrncommissioner for policy at the Social Security Administration.

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