James Lockhart, the outgoing director of the Federal Housing Finance Agency, will join WL Ross & Co. LLC next month as its vice chairman, the private-equity giant said Wednesday.

"With his extensive government experience, deep knowledge of the U.S. mortgage markets and strong background in public/private finance, Jim is ideally qualified to help expand the financial services portfolio of the fund we manage," Wilbur Ross, the chairman of WL Ross, said in a press release.

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