Tags: watt | fannie | freddie

WH Considers Rep. Watt to lead Fannie, Freddie

Saturday, 16 Mar 2013 10:29 AM

By Matthew Auerbach

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Rep. Mel Watt, D-N.C., is under consideration to lead the regulator of mortgage-finance firms Fannie Mae and Freddie Mac, according to those familiar with the situation.

The Wall Street Journal reports the White House hasn't made a final decision as of yet but could announce its pick for director of the Federal Housing Finance Agency, which oversees the two companies, as soon as next month.

If nominated and confirmed by the Senate, Watt would immediately become a major voice in regards to the future of Fannie Mae and Freddie Mac, which own or guarantee half of all U.S. mortgages and were put under federal control in 2008 during the financial crisis.

Watt is a longtime member of the House Financial Services Committee, which oversees housing matters.

Watt has pressed for better access to mortgage loans for minority and low-income consumers.

In 2011, he told Timothy Geithner that a position paper outlining options for the mortgage-finance system placed too much emphasis on renting.

Later that year, Watt was among a small group of lawmakers on the financial-services panel who voted against a politically popular bill that would have lessened Fannie and Freddie executive salaries, saying that the move would have been “penalizing the wrong people” and would have risked a potential flight of qualified talent to other financial firms.

Watt is among many lawmakers from both parties who took campaign contributions from Fannie and Freddie before the companies were taken over by the government.

Picking Watt, who is African-American, could work in President Obama’s favor politically, as well.

It might soften criticism that Obama hasn't named enough minorities to administration posts.

This past week, the Congressional Black Caucus sent a letter to the White House voicing its concern that the Obama administration had yet to name an African-American to a top post for his second term.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Viguerie: Time for Tea Party to Take Back 'Hijacked' Republican Party

Saturday, 19 Apr 2014 21:00 PM

Tea party conservatives who are angry at establishment Republicans for allowing the GOP to be hijacked need to "take o . . .

McMorris Rodgers: 'Politicizing' Women Not the Answer

Saturday, 19 Apr 2014 18:15 PM

Accusations from Democrats that Republicans do not support equal pay for equal work could not be further from the truth . . .

FBI Takes Wendy Davis Documents But Scope of Probe Unclear

Friday, 18 Apr 2014 16:58 PM

The FBI has control of documents related to Texas State Sen. Wendy Davis' work while she was an attorney for the North T . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved