Fannie Mae and Freddie Mac’s regulator, James Lockhart III plans to leave the job by the end of August 2009. As director of the Federal Housing Finance Agency, Lockhart has overseen the operations of both Fannie Mae and Freddie Mac since last year when the Federal Government placed them both under conservatorship due to the worsening economy. There have also been reports that the Obama administration is reviewing its options for the future of the two GSEs, including spitting up both of them, establishing a government-backed entity that would absorb their loan losses and setting up another organization that would provide housing finance. Read More…