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In his first major move as head of the agency that oversees Fannie Mae and Freddie Mac, ex-Rep. Mel Watt said Wednesday that he will delay a planned fee hike that would have raised the cost of most home loans backed by the government-sponsored enterprises.
January 8 -
A hike in guarantee fees could encourage banks to retain loans they might have otherwise sold to Fannie or Freddie, but observers are skeptical that it will accomplish its true mission of jump-starting the market for private-label mortgage securitizations.
December 19 -
The Senate confirmed Rep. Mel Watt Tuesday evening to lead the Federal Housing Finance Agency, thanks to a historic filibuster rule change launched by Democrats late last month.
December 10 -
The Senate Banking Committee continues to discuss housing finance reform options even as efforts to confirm Congressman Mel Watt to run the Federal Housing Finance Agency stall.
October 31
The Federal Housing Finance Agency's new director,
Former Wells Fargo (WFC) executive Bob Ryan will advise the FHFA on industry matters, according to an FHFA
Former Treasury Department official Megan Moore will advise Watt on intergovernmental issues. Moore, who joined the Treasury in 2009, most recently was the deputy assistant secretary for housing, small business and the Troubled Asset Relief Program in the office of legislative affairs. She also worked as an aide to former Rep. Jesse Jackson Jr., D-Ill., from 2006 to 2009.
Eric Stein will be acting chief of staff at the FHFA until a permanent selection is made, and then he will become an advisor on consumer topics. Stein spent 17 years at the nonprofit research and policy group Center for Responsible Lending and its affiliate, community development lender Self-Help. He most recently served as the nonprofit's senior vice president. Stein also worked at the Treasury as deputy assistant secretary for consumer protection from 2009-2010.
Mario Ugoletti will be special advisor for agency issues. Ugoletti joined the FHFA in 2009, serving as a special advisor to then-acting Director Edward DeMarco. Before that, he spent 14 years at the Treasury, including serving as director of its office of financial institutions policy from 2004 to 2009.
The new appointees will "provide solid advice and perspective on the important issues I will be facing as director," Watt said in the release. "Along with the strong staff already in place, these advisors have diverse skills and experience in housing finance policy that will help me build a stronger foundation for our nation's housing finance system."
Watt
"The implications for mortgage credit availability and how these changes might interact with the new qualified mortgage standards could be significant,"
Watt was sworn into office on Jan. 6 after a lengthy
