WASHINGTON, DC-President Obama has nominated Joseph A. Smith Jr. to take the helm of the Federal Housing Finance Agency, a post that has been vacant for more than a year. If he is confirmed by the Senate, Smith will take over a role that has been led by the agency’s chief operating officer, Edward DeMacro, during the interim. Smith has been the commissioner for North Carolina since 2002. Prior to that he was general counsel for Centura Banks. His term as commissioner ends in March.

One of his chief responsibilities will be, of course, oversight of the GSEs, which have been in government conservatorship for the past two years. Assuming he is confirmed, Smith will take the FHFA’s helm with the House of Representatives under Republican control.

Many expect to see stepped-up scrutiny of the GSEs by the House--as well as renewed calls for their privatization. Scott Garrett (R-NJ) is expected to take over the Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises for the House Financial Services Committee, which will likely be the platform from which Republicans will launch their campaign.

Earlier this year three Republicans, including Sen. John McCain (R-AZ), introduced an amendment to the financial reform bill that would require the government to end the conservatorship of Fannie Mae and Freddie Mac two years after the bill becomes law. It was shot down, of course, but it did include a detailed roadmap as to how the GSEs could mbe phased out with relatively little pain. Observers expect to see elements of this plan reintroduced.

The shift in the House--and the election result in general—will likely increase pressure on the Administration to communicate a clear set of objectives and timeframes for the resolution of conservatorship, Sam Chandan, head of Real Capital Analytics, told GlobeSt.com in an earlier interview. “There are still broad disagreements about the government’s role in the structure of housing finance,” he said. “The need for compromise in the House and Senate suggests that debate will weigh in favor of a much reduced public role, on issues such as GSE reform as well as the tax treatment of mortgage interest.”