Watt to begin at FHFA Jan. 6

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Dec. 23, 2013 – Rep. Mel Watt, D-N.C., will be sworn in to his new post as director of the Federal Housing Finance Agency on Jan. 6.

On Dec. 10, the Senate confirmed Watt to his new position with a vote of 57 to 41. Watt was nominated to the FHFA post by President Obama in May. He previously served as a North Carolina state senator, and was elected to the House of Representatives in 1992.

Watt will fill the post that Ed DeMarco has held in acting capacity since 2009. As FHFA director, he will exercise direct control over the regulation, supervision and conservatorship of Fannie Mae and Freddie Mac.

NAFCU will continue to monitor actions within the FHFA as well as Congress to preserve credit unions’ guaranteed access to the secondary mortgage market in any iteration of housing finance reform and to ensure fair pricing based on loan quality instead of volume.

Related Links:
Salisbury Post article
Housing finance reform issues