Skip to main content

Obama Appoints Former CSBS Head Smith to Lead FHFA

NationalMortgageProfessional.com
Nov 12, 2010

President Barack Obama will nominate Joseph A. Smith Jr., North Carolina Commissioner of Banks, as the new Director of the Federal Housing Finance Agency (FHFA). If approved, Smith will replace current Acting Director Edward DeMarco. Smith served as Chairman of the Conference of State Bank Supervisors (CSBS) in 2009 and founding member of the Board of Managers of State Regulatory Registry LLC. As chairman of the CSBS, he delivered testimony in September of 2009 before the House Financial Services Committee at a hearing titled, "Regulator Perspectives on Financial Regulatory Reform Proposals." In his testimony, Smith found inconsistencies with the Administration's goal of financial reform, more importantly, that large financial institutions would receive "perceived federal preferences" from the government, thus driving small businesses and non-systemic institutions "to the margins or even out of business." As former Chairman of the CSBS, Smith had significant input in the formation of the Nationwide Mortgage Licensing System (NMLS), a combined effort of the CSBS along with the American Association of Residential Mortgage Regulators (AARMR). NMLS streamlines the licensing process for both regulatory agencies and the mortgage industry by providing a centralized and standardized system for mortgage licensing. "Mr. Smith brings to this position both tremendous expertise and a deep commitment to strengthening our housing finance system for the American people," said President Obama. "I’m grateful that he has accepted this nomination, and I look forward to working with him in the months and years to come.”   Smith background in law includes a stint with the Washington, D.C.-based law firm of Thacher Proffitt & Wood, specializing in regulatory practice for the financial services industry. From September 1991-April 2000, Smith served as general counsel and secretary for Centura Banks Inc. and Centura Bank in Rocky Mount, N.C. Prior to that he was a partner with Poyner & Spruill in Raleigh, N.C. He previously served as assistant general counsel for Emery Air Freight Corporation in Wilton, Conn., and as corporate counsel for PepsiCo Inc. in Purchase, N.Y., and from 1975-1979, was associate counsel with Brown, Wood, Ivey, Mitchell & Petty in New York, N.Y., where he served as the firm's securities and public finance practice. Smith received his bachelor's degree from Davidson College in 1971 and his law degree from the University of Virginia in 1975. He is licensed to practice law in New York (1975) and North Carolina (1989). For more information, visit www.fhfa.gov.  
Published
Nov 12, 2010
L.A.-Area Broker To Serve Time For Defrauding Lenders

Alex Ashod Dadourian convicted on 91 counts for $8 million in mortgage fraud.

Regulation and Compliance
Dec 08, 2022
Ginnie Mae Has Doubled The Proportion Of VA Loans In Its Portfolio

In report to Congress, agency says VA loans have risen to 45% of its MBS portfolio over 10 years.

Regulation and Compliance
Dec 08, 2022
Fannie Mae Updates Underwriting To Help 'Credit Invisible' Borrowers

Enhancement to Desktop Underwriter system intended to support loans when borrower has no credit score.

Regulation and Compliance
Dec 06, 2022
MBA Offers Suggestions For Improving Refis, Forbearance

Responds to CFPB's request for information published in September.

Regulation and Compliance
Nov 30, 2022
2023 Conforming Loan Limit Tops $1M For High-Cost Areas

FHFA said the baseline conforming loan limit will increase 12% next year.

Regulation and Compliance
Nov 29, 2022
FHA Extends Waivers To Its HECM Loss-Mitigation Policies 

Extension applies to senior borrowers affected by COVID-19.

Regulation and Compliance
Nov 28, 2022