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.

After press reports emerged, Lockhart confirmed on Aug. 6 that he would leave the Finance Agency after three years of overseeing the government-sponsored enterprises. Ed DeMarco, the Finance Agency’s chief operating officer, will take over on an interim basis beginning Monday, an agency spokeswoman said.

WL Ross' "large global platform and growing portfolio of companies positions them extremely well to participate and aid in the recovery of the financial services sector," Lockhart said in the press release. "I am looking forward to continuing to work on that recovery."

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