Obama to name Smith to head Housing Finance Agency

Friday - 11/12/2010, 2:26pm EST

By Jolie Lee
Federal News Radio

President Obama said Wednesday he intends to nominate Joseph A. Smith, Jr. to be the new director of the Federal Housing Finance Agency.

FHFA is the regulator and conservator of Fannie Mae, Freddie Mac, and the regulator of the 12 Federal Home Loan Banks, according to the agency's website.

"Mr. Smith brings to this position both tremendous expertise and a deep commitment to strengthening our housing finance system for the American people," the president said in a release. :I'm grateful that he has accepted this nomination, and I look forward to working with him in the months and years to come."

Smith is North Carolina Commissioner of Banks, an agency charged with the bank supervision and consumer regulation. Smith is a graduate of Davidson College and the University of Virginia Law School and is licensed to practice law in New York and North Carolina.