Obama Appoints New Leadership for FHFA

By Kyle Chezum Updated on 11/12/2010

11/12/2010

According to an administration official, President Obama has appointed North Carolina banks commissioner Joseph Smith to lead the Federal Housing Finance Agency.  This is no small task considering the state Fannie and Freddie are in.

Both Fannie and Freddie are losing money every day, have been through taxpayer bailouts, and have been taken over by the government.  They also back 80% of new home mortgages in the US.  The administration expects that Smith will head up a major reform effort.

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