America

Underwater and Sinking

In America: Underwater and Sinking, James B. Lockhart, a former submarine officer with the US Navy who went on to play a large part in the government’s response to the Global Financial Crisis, tells an important story about managing government agencies that—in submarine parlance—are deep underwater, then provides solutions on how to help them and the overall government surface.

James B. Lockhart III, author of America Underwater and Sinking

Who is James B. Lockhart?

Leader of four critical but challenged government agencies, nuclear submarine officer, risk management executive, Yale graduate, Harvard MBA, and “... the most hated man in America you never heard of” per CNBC's Jim Cramer.

The Financial Times countered, “In a time America, or at least Wall Street, needs a spineless hack as the head of the key agency [OFHEO], it is saddled with a credible man of principal…’ A real hard-ass’ in the words of a mortgage finance executive.”

 

James B. Lockhart III has a long and distinguished career serving in senior positions in major companies and leading government agencies. He led at Social Security President G.W. Bush’s Social Security reform efforts. He was at the epicenter of the Great Financial Crisis as the regulator of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks and as member of the TARP Oversight Board. He was then Vice Chairman of Wilbur Ross’ private equity firm and now serves as a senior fellow at the Bipartisan Policy Center where he co-chaired its Commission on Retirement Savings.

Like the mortgage world, I truly know what it is like being “underwater” for a long time. 

It's time to surface.

George W. Bush

“[T]he new regulatory agency, led by my friend and businessman Jim Lockhart… concluded the GSE’s had nowhere enough capital…the only way to prevent a disaster was to take Fannie and Freddie into government conservatorship. It was up to Hank [Paulson] and Jim…"

George W. Bush
Author of Decision Points

Henry M. Paulson, Jr.

“[W]ith my colleagues in government, Ben Bernanke, Tim Geithner, Sheila Bair, Chris Cox,John Dugan, Jim Lockhart— at times we differed on philosophy and strategy, but I never doubted their dedication to this country or their commitment to taking the bold actions necessary to save the system."

Henry M. Paulson, Jr.
Former US Secretary of the Treasury, Author of On the Brink

Edward DeMarco

“Through his tours of federal service, Jim Lockhart brings exceptional credentials and perspective to understanding the risks when government misprices insurance and to proposing changes that reduce taxpayer risk while improving economic outcomes.”

Edward DeMarco
President of the Housing Policy Council

G. William Hoagland

“Jim Lockhart has been there (underwater) and survived. Few persons today can speak with authority and knowledge of managing the shoals of critical government agencies and their continued need of repair. Even out of government, he continues to address reforms, most recently as co-chair with former senator Kent Conrad of the Bipartisan Policy Center’s Commission on Retirement Security and Personal Savings.”

G. William Hoagland
SVP, Bipartisan Policy Center

Peter J. Wallison

“This country faces a significant problem now that Fannie Mae and Freddie Mac are back under government control in a Democratic administration. Jim Lockhart’s book will be invaluable to those concerned about the housing policies we will see from the Biden administration in the next three years."

Peter J. Wallison
Senior Fellow Emeritus, American Enterprise Institute

Charles Blahous

“Jim Lockhart has held key posts in some of the government’s most troubled agencies and remains clear-sighted about the challenges they face. Americans should be educated about the mounting problems he describes, and demand that their representatives enact necessary reforms.”

Charles Blahous
Deputy Director of the White House National Economic Council, Public Trustee for Social Security and Medicare

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