No Replacement Soon for Lockhart

Federal Housing Finance Agency director James Lockhart made it official and will step down soon but it does not appear that the White House is ready to name his replacement. FHFA senior deputy director Edward DeMarco will become the acting director when Mr. Lockhart leaves. "As the housing market is starting to stabilize and the housing GSEs are strongly supporting the housing markets and other financial institutions, it is time for me to move on to the next chapter," Mr. Lockhart said confirming media reports circulating during the day on Aug. 5. Mr. Lockhart has served as Fannie Mae and Freddie Mac's regulator for the past three years. From the start he pushed hard for a reform bill that finally Congress passed last year to strengthen the regulation of the government-sponsored enterprises. Treasury secretary Timothy Geithner wanted Mr. Lockhart to stay until the end of this year while the administration formulates plans for restructuring Fannie Mae and Freddie Mac. But he is expected to leave the agency before the end of this month, possibly as soon as next week. Mr. DeMarco is currently the senior deputy director of FHFA. "His extensive knowledge of both the supervisory matters and administrative matters ahead make him well-suited to lead the agency at this time," Mr. Lockhart said.