The White House announced Friday that it intends to nominate Joseph Smith, the commissioner of banks for North Carolina, as director of the Federal Housing Finance Agency (FHFA).

Smith, if confirmed by the Senate, will replace Edward DeMarco, acting director of the agency, a post he has held since Sept. 1, 2009. FHFA is the primary regulator for Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.

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