FHLB's Rosenfeld Resigns

Ronald Rosenfeld, who served for nearly four years as the chief regulator of the Federal Home Loan Banks, has resigned now that his former agency has been merged into the Federal Housing Finance Agency. Mr. Rosenfeld became chairman of the Federal Housing Finance Board, which supervised the 12 FHLBanks, in December 2004, after serving four years as the president of Ginnie Mae. As chairman, Mr. Rosenfeld marginalized the FHLBanks' mortgage purchase programs and curbed the banks' use of excess stock. During his tenure at Ginnie Mae, he improved the pricing of Ginnie Mae II securities. The new Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the FHLBanks. Stephen Cross is the deputy director in charge of FHLBank supervision.