Bush to Name New Mortgage Regulator

President Bush intends to nominate Mark Brickell, director and chief executive of derivatives-trading firm Blackbird Holdings Inc., to replace Armando Falcon as chief regulator of Fannie Mae and Freddie Mac, the White House said.

Brickell, a former managing director of J.P. Morgan & Co., would succeed Falcon as director of the Office of Federal Housing Enterprise Oversight, the White House said.

The term of the appointment is five years.

Falcon, who took over 3 1/2 years ago, resigned Tuesday in a letter to Bush.

Fannie Mae and Freddie Mac are government-chartered companies that control 41% of the mortgage market.