Lockhart serves co-chairs the Bipartisan Policy Center's Commission on Retirement Security and Personal Savings.
PBGC also produced its first audited accounts in its history and was removed from GAO's High Risk list under Lockhart's leadership.
In December 2006, Lockhart wrote an article stating that Fannie Mae and Freddie Mac's “government charters enable these companies to take on more risk than other major financial institutions.
However, HERA was passed too late as stock market, foreign debt and mortgage-backed securities investors worried about their solvency.
By August 2008, Fannie Mae and Freddie Mac were unable to raise additional equity while still purchasing over 70% of the mortgages originated in the US.
Working closely with Secretary Paulson and Federal Reserve Chairman Bernanke, Lockhart convinced the Boards of Directors of both GSEs to consent to being placed into conservatorship in meetings on Saturday, September 7, 2008.
As part of this process, the CEO's and Boards were replaced for both Fannie Mae and Freddie Mac, and the two GSEs continued operations without interruption.
With strong financial support provided by Treasury as authorized by HERA, the mortgage markets calmed temporarily only to be disrupted the following week by the bankruptcy of Lehman Brothers.
The New York Times reported that during his watch, "both Freddie and Fannie had plunged into the riskiest part of the market, gobbling up more than $400 billion in subprime and other alternative mortgages," criticizing Lockhart for lax oversight and not responding to early signs of trouble at those institutions.
In November 2008, Lockhart announced the Streamlined Mortgage Modification Program designed to prevent the rapidly growing delinquencies turning into foreclosures.
He worked closely with the 12 Federal Home Loan Bank Presidents as they dealt with their private label MBS problems.
[citation needed] In 1997, Lockhart co-founded and served as managing director of NetRisk Inc.[7] Lockhart has served as Senior Vice President, Finance, at National Reinsurance(1996) which was acquired by General Reinsurance; Managing Director in Smith Barney's Investment Banking Group for financial institutions and Co-Head of its Private Equity Group (1993–1995); Vice President and Treasurer of Alexander & Alexander(1981–1989); and Assistant Treasurer of Gulf Oil in Europe and the U.S. (1974–1981).
He served as the Supply Officer on the Nuclear Ballistic Submarine USS George Washington Carver (SSBN-656) homeported in Holy Loch, Scotland.