The White House's removal of Joseph Smith as a nominee to be the director of the Federal Housing Finance Agency (FHFA) does not bode well for an administration facing so many regulatory jobs to fill, observers said Friday.

Smith's difficulty getting confirmed surprised many. After Senate Banking Committee Republicans, including ranking member Richard Shelby, opposed the North Carolina bank commissioner last month, Democrats failed to schedule a vote. Late Thursday, a White House official said Smith would not be renominated.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.