As the nation struggles to rebuild the housing market and broader economy, the White House's nomination of Rep. Mel Watt to head the Federal Housing Finance Agency (FHFA) is encouraging. Rep. Watt has been in Congress for twenty years, ably serving on the House Financial Services Committee. He was one of the first elected officials to warn about the dangers of subprime lending, offering legislation to nip predatory lending in the bud, and tirelessly advocating for ways to prevent needless home foreclosures.
Watt brings to FHFA an ability to work with a variety of stakeholders, with many competing interests and perspectives. He has a track record of crafting practical solutions and alliances for a complex, dynamic marketplace. He is consistently thoughtful, fair, and respectful of all opinions, and his policies have been guided by a concern for all Americans.
As buying a home remains the single largest lifetime investment for many Americans, housing policy would benefit from the seasoned leadership of Rep. Watt. The Senate should move quickly to confirm him.
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