The head of the Federal Housing Finance Agency will move to a New York financial services firm when his retirement takes effect next month, the Washington Post reports.

James Lockhart will become vice chairman at WL Ross & Co., an affiliate of Invesco, an international investment management firm. WL Ross & Co. specializes in distressed investments. While at the FHFA, Lockhart was responsible for regulations on Fannie Mae and Freddie Mac.

"As head of the FHFA and its predecessor agency the past three years, Lockhart has been at the center of prominent financial, legislative, legal and lobbying battles," the Post reports.

Wilbur Ross, who runs the firm, touted Lockhart's governmental know-how as a main reason for his hire. "With his extensive government experience, deep knowledge of the U.S. mortgage markets and strong background in public/private finance, Jim is ideally qualified to help expand the financial services portfolio of the funds we manage," he said in a statement Wednesday.