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

James B. Lockhart, Director of the Office of Federal Housing Enterprise Oversight (OFHEO) and it successor the Federal Housing Finance Agency (FHFA) announced his resignation today.

Lockhart jointed OFHEO in May 2006 and was in charge of regulating Fannie Mae and Freddie Mac during the turbulent times resulting from accounting scandals in the early part of the decade and the collapsing housing market that culminated in a federal takeover of the two government sponsored enterprises last year.   

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

In announcing his resignation, Lockhart called his stint at FHFA "one of the most challenging and rewarding of my career," and said he was pleased with the work that had been accomplished during a difficult period.

"When I took the reins at OFHEO," he said, "one of my goals was to achieve passage of the much-needed GSE reform legislation that created a much stronger regulator for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.  This goal was accomplished on July 30, 2008 and FHFA just celebrated its one-year anniversary."  He pointed to the establishment of the Home Affordable Modification and Refinance Programs and its forerunner the Streamlined Modification Program as important steps taken by the agency to help stabilize the housing market.

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

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