Federal Housing Finance Board Chairman Bruce Morrison's decision to resign raises many questions about the agency's direction and initiatives he has championed.

Mr. Morrison said Tuesday that he would resign next month to become vice chairman of GPC/O'Neill, a public relations and governmental consulting firm. Given all the rules hanging fire at the Finance Board, observers were surprised that Mr. Morrison would leave the agency he has led for five years. "I don't understand the timing," said Kenneth A. Guenther, executive vice president of the Independent Community Bankers of America. "It is a very crucial time. There are crucial rules being written."

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