Scott Calhoun may seem a bit out of character in his new assignment as lead examiner of Fannie Mae and Freddie Mac.

Mr. Calhoun, 42, earned his stripes as the examiner in charge at Continental Illinois Bank in the late 1980s, when it was just recovering from ruinous oil and gas loans, and then at Chase Manhattan Bank and Citibank during the real estate downturn of the early 1990s.

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