Pollock Resigns as Chicago FHLBank Prez

In a surprise move, Alex Pollock has resigned as president of the Chicago Federal Home Loan Bank to become a resident fellow at a Washington think tank.Under Mr. Pollock's leadership, the Chicago FHLBank broke with tradition in 1997 and began purchasing single-family loans to give its member banks and thrifts a secondary-market alternative to Fannie Mae and Freddie Mac. Other FHLBanks have adopted his innovative Mortgage Partnership Finance program, which has generated $95 billion in mortgage originations. "I am exceptionally proud of the accomplishments of the Chicago FHLBank," Mr. Pollock said in a letter to employees. "However, it has been my plan for a long time, at this age (I am 61) to move to the broader area of national public policy issues." He is joining the American Enterprise Institute, which has held several seminars on privatizing Fannie Mae and Freddie Mac. The Chicago FHLBank plans to name his successor on June 30.