Obama to nominate a new overseer for Fannie and Freddie

President Barack Obama has signaled his intention to nominate Joseph A. Smith Jr., chief banking regulator for North Carolina, as head of the Federal Housing Finance Agency, which supervises Fannie Mae and Freddie Mac. Mr. Smith would take the agency's reins as the White House and Congress prepare to address the issue of housing finance and determine the fate of the mortgage giants.

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