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Rep. Mel Watt will likely face an uphill to win confirmation as director of the Federal Housing Finance Agency, but nominating him has other advantages in the debate over long term mortgage policy.
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New York Attorney General Eric Schneiderman just can't wait for Edward DeMarco's reign at the Federal Housing Finance Agency to end.
May 1
The Senate Banking Committee will hold a confirmation hearing on June 27 for North Carolina congressman Mel Watt to lead the Federal Housing Finance Agency.
President Barack Obama nominated Watt, a Democrat, to head the agency that oversees Fannie Mae and Freddie Mac, the mortgage companies seized by the government in 2008.
It's unclear how soon Watt's nomination might get a vote on the Senate floor. Watt's record for assistance to struggling homeowners has put him at odds with Senate Republicans whose votes he'll need to win confirmation.
If confirmed, Watt would replace Edward J. DeMarco, the current head of the Fannie Mae regulator who has clashed with Democrats over whether the agency should permit principal reductions for struggling borrowers.
