Joseph A. Smith Jr., bank commissioner for North Carolina, is likely to be the next head of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac. As FHFA head, Mr. Smith would face the challenge of protecting taxpayers from mounting losses incurred by the mortgage giants while Congress decides what to do with them. Fannie Mae and Freddie Mac have received more than $151 billion in government aid since collapsing into conservatorship in 2008. More aid is expected.
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