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In Feb 2003 Armando Falcon Jr released a report on the risks being taken by Freddie and Fannie, calling for tighter regulation. Bush responded by trying to fire him. In 2005, he was replaced by James B. Lockhart who oversaw the approval of Freddie and Fannie making big buys in Alt-A and subprmes. See http://www.nytimes.com/2008/12/21/business/21admin.html?_r=1&pagewanted=allMulp (talk) 20:28, 6 March 2009 (UTC)[reply]
I'm trying to figure out the chronology of directors. I think there was a gap between Falcon and Lockhart, presumably filed by Deputy Director Stephen A Blumenthal who departed July 31, 2006. http://www.fhfa.gov/webfiles/1557/73106DepDirSBlumenthalDeparts.pdf says he was acting director. Mulp (talk) 23:57, 28 April 2010 (UTC)[reply]