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Posts tagged as “Federal Housing Finance Agency”

Mel Watt Confirmed as Fannie Mae and Freddie Mac Regulator

Mel Watt is pictured. | AP Photo
Watt was nominated in May to be the regulator of Fannie and Freddie. | AP Photo
The Senate on Tuesday confirmed Rep. Mel Watt to be the next director of the Federal Housing Finance Agency, ending a months-long confirmation battle over President Barack Obama’s choice to oversee taxpayer-owned mortgage finance giants Fannie Mae and Freddie Mac.  The vote was 57-41, with just two Republicans, Rob Portman of Ohio and Richard Burr of North Carolina, voting in support of Watt (D-N.C.).

Watt was nominated in May to be the regulator of Fannie and Freddie, a decision that drew fierce opposition from Senate Republicans who argued someone with technical expertise in mortgage finance markets not a politician should lead the agency.

In October, Watt failed to clear a 60-vote threshold necessary for his nomination to advance. But a recent controversial Senate rule change, which requires only a simple majority vote to get around procedural hurdles, cleared the way for Watt’s confirmation.