Watt to Face Senate Skeptics at Confirmation Hearing

June 27, 2013
Raleigh News & Observer (North Carolina) 
mortgage lending news

Today's Capitol Hill agenda includes a Senate confirmation hearing for Federal Housing Finance Agency nominee Rep. Mel Watt (D-N.C.), who faces the onerous task of overcoming GOP opposition. Many Republicans are satisfied with the performance of acting FHFA director Edward DeMarco, who has returned Fannie Mae and Freddie Mac to more solid financial status. Additionally, they fret that Watt will steer the regulator in a more public policy-oriented direction. Democrats believe Fannie Mae and Freddie Mac should focus more on expanding access to mortgage credit for all Americans and especially underserved minority populations, while Republicans prefer that they concentrate on profitability and returns for mortgage bond investors. Republicans also may point to Watt's relatively limited private-sector experience.
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