Senate confirms Rep. Mel Watt as Fannie Mae, Freddie Mac regulator

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Senate confirms Rep. Mel Watt as Fannie Mae, Freddie Mac regulator

Senate confirms Rep. Mel Watt as Fannie Mae, Freddie Mac regulator

Just in time for those underwater HELOCs


LA Times-

The Senate voted 57-41 on Tuesday to confirm Rep. Mel Watt to head the agency overseeing Fannie Mae and Freddie Mac, ending a long battle by President Obama to install a regulator open to more aggressive action to help struggling homeowners.

Watt, a longtime Democratic congressman from North Carolina, will replace Edward J. DeMarco as director of the Federal Housing Finance Agency. President Obama nominated Watt in May.

“He’s the right person to protect Americans who work hard and play by the rules every day, and he’ll be the right regulator to make sure the kind of crisis we just went through never happens again,” Obama said.

[LA TIMES]

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