Herbert Allison's expected move from Fannie Mae's executive suite to the Troubled Asset Relief Program (TARP) is raising questions about how the Obama administration views the top positions at the government-sponsored enterprises.

Since Fannie and Freddie Mac were put into conservatorship in September, their chief executive officer roles have undergone a makeover. The CEOs once touted their role in the mortgage market and were major players in debates over the GSEs' futures on Capitol Hill. Now the executives do the bidding of the administration and have to run decisions by James Lockhart, the director of the Federal Housing Finance Agency (FHFA).

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