Obama ditches new potential housing regulator

President Barack Obama will not renominate Joseph Smith to oversee mortgage finance giants Fannie Mae and Freddie Mac, the White House said on Thursday.

Obama tapped the commissioner of North Carolina's banks late last year to be the director of the Federal Housing Finance Agency, a position requiring Senate confirmation.

"Unfortunately, there is not a clear path to confirmation for his nomination at this point in time, and Mr. Smith has asked not to be renominated," a White House official said.

The Senate Banking Committee in mid-December voted 16-6 to approve Smith for the post, but the full Senate did not act on his nomination, and it died when Congress adjourned its session in late December.

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