Conservatorship, a person appointed by a court or regulatory authority to supervise a person or entity's financial affairs
Again, in the U.S. at the federal level, in September 2008, the chief executive officers, and board of directors Fannie Mae and Freddie Mac were dismissed, and the companies were placed into the conservatorship of the Federal Housing Finance Agency (FHFA) via the determination of its director James B. Lockhart III, with the support and financial backing of U.S. Treasury via Treasury secretary Hank Paulson's commitment to keep the corporations solvent.
During his tenure on the Superior Court, Rafeedie presided over several high-profile civil cases, including the contested conservatorship of Groucho Marx, the Britt Ekland and Rod Stewart palimony trial and part of the Bob Dylan divorce case.
On September 6, 2008, the director of the Federal Housing Finance Agency (FHFA), James B. Lockhart III, announced his decision to place two Government-sponsored enterprises (GSEs), Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), into conservatorship run by the FHFA.
Through the powers granted to FHFA, created by the Act, on September 7, 2008, FHFA director James B. Lockhart III announced he had put Fannie Mae and Freddie Mac under the conservatorship of the FHFA.