Tarheel banker a no-go as head of Fannie and Freddie

Smith remains head of the state’s banking commission:

North Carolina Banking Commissioner Joseph A. Smith Jr. is ending a bid to become the next head of the federal agency overseeing mortgage giants Fannie Mae and Freddie Mac, which together own or guarantee more than half of U.S. mortgages.

Joseph A. Smith Jr. asked not to be renominated to the post leading the Federal Housing Finance Agency, according to a statement released by a White House official on Friday.

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