Link

Senate confirms Mel Watt as next FHFA director

Senate confirms Mel Watt as next FHFA director

It’s official: Congressman Mel Watt, D-N.C., will lead theFederal Housing Finance Agency after the U.S. Senate confirmed his nomination Tuesday afternoon.

Senators confirmed Watt as Ed DeMarco’s replacement, with a majority of the chamber’s legislators voting in Watt’s favor. The congressman easily obtained 57 votes, with 41 Senators voting against the appointment.

Ed DeMarco, who has served as acting director of the FHFA ever since the GSEs entered conservatorship, has long staved off attempts to use the agency as an instrument for enacting principal write-downs to help underwater borrowers.

The market has had plenty of time to get used to a Watt appointment, but he’s still viewed as a major sea change for the conservator of Fannie Mae and Freddie Mac.

One response to “Senate confirms Mel Watt as next FHFA director

  1. Ol’ Mel – Bank of America’s pick.

    Aloha, Virginia Check-out http://www.deadlyclear.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s