Mel Watt Picked for FHFA Post by White House to Replace Ed DeMarco

May 1, 2013
Huffington Post  
mortgage lending news

President Obama is due on May 1 to announce his nomination of U.S. Rep. Mel Watt (D-N.C.) to run the Federal Housing Finance Agency. If confirmed, Watt would replace acting director Edward DeMarco, who has drawn the criticism of consumer advocates, state attorneys general, liberal groups, and some lawmakers. The biggest complaints detractors have against DeMarco are his persistent refusal to allow Fannie Mae and Freddie Mac -- which are regulated by the FHFA -- to forgive the housing debt of troubled borrowers and his perceived lack of other action to help curtail foreclosures. Watt, who has earned a reputation for fighting predatory lending and increasing access to mortgages for borrowers with low incomes and/or flawed credit files, is viewed as a candidate who would conform to administration requests -- which could actually hurt his chances of confirmation, due to GOP opposition.
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