The White House is contemplating naming Fannie Mae CEO Herb Allison to head the government's $700 billion Troubled Asset Relief Program (TARP), according to press reports and sources familiar with the situation.

At press time government officials weren't commenting on the situation, nor was Fannie Mae, which has been operating under a conservatorship since the fall. If Allison does depart for Treasury, it would leave both housing GSEs without a permanent CEO.

In early March, Freddie CEO David Moffet resigned after conflicts arose on how to run the mortgage investing giant, in particular a difference of opinion over profit versus its public mission of helping revive the housing market, the latter of which might force Freddie to forgo certain potential fee income.

If Allison is named to head TARP he would replace Neel Kashkari, a Bush appointee who holds the title of assistant secretary, Office of Financial Stability.

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