Housing finance chief named acting intelligence director

The head of the Federal Housing Finance Agency will serve as acting director of national intelligence. The appointment was announced Tuesday. It replaces the previous director, who left the post days earlier.

Background on the appointee The appointee also chairs Fannie Mae and Freddie Mac.

Those roles involve oversight of the government-backed mortgage companies. Traders reacted quickly to the news. Shares in Fannie Mae and Freddie Mac fell on Tuesday.

Market reaction Market participants viewed the dual role as reducing prospects for an initial public offering of the mortgage firms. The companies remain under government conservatorship. The acting director will hold multiple leadership positions at once.

Officials described the arrangement as consistent with other recent White House staffing decisions.