House Financial Services Chair Retiring

Rep. Mike Oxley, R-Ohio, chairman of the House Financial Services Committee, will retire as chairman late next year when his 13th term expires, Washington sources confirmed on Tuesday.Rep. Oxley's staff had not returned telephone calls as of MortgageWire's deadline. Under current House rules Rep. Oxley, who has chaired the panel for seven years, is required to step down after the eighth year. He is allowed to stay as a member of the committee but cannot chair it. The panel oversees the financial services industry, which includes mortgages. If Republicans retain control of the House next year, veteran committee members Richard Baker of Louisiana and Spencer Bachus of Alabama, among others, are expected to seek the chairmanship.