Fannie Mae exec tapped for lead TARP post

The chief executive of Fannie Mae has been selected to oversee the $700 billion Troubled Asset Relief Program (TARP).

Reuters reports that Herb Allison, who has been heading Fannie Mae since it was taken over by the federal government last year, will be nominated.

Allison must be confirmed by the Senate.

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Read more: Fannie Mae chief tapped to head U.S. bank rescue (Reuters)