President Clinton officially nominated Armando Falcon to become director of the regulator of Fannie Mae and Freddie Mac.

Falcon's nomination, for director of the Office of Federal Housing Enterprise Oversight, must be confirmed by the Senate.

Last year, the White House announced its intent to nominate Falcon, a former general counsel to the House Banking Committee who worked on the legislation that created OFHEO.

Meanwhile, OFHEO extended the comment period on a risk-based capital rule for the two secondary-market giants.

The 90-day extension is to Nov. 10, according to an OFHEO announcement last week.

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