WASHINGTON – President Obama on Wednesday nominated Representative Melvin L. Watt, Democrat of North Carolina, to become the overseer of the government-backed mortgage financiers Fannie Mae and Freddie Mac. If approved by the Senate, Mr. Watt would replace Edward J. DeMarco, who has been acting director of the Federal Housing Finance Agency for more than three years.
Mr. Watt is a lawyer who has represented North Carolina in Congress for the last two decades. If he won Senate confirmation, he would become a powerful economic policy maker, as the housing market recovers and the White House contemplates the government’s future role in it. “Mel understands as well as anybody what caused the housing crisis,” Mr. Obama said in a ceremony in the State Dining Room of the White House. “He knows what it’s going to take to help responsible homeowners fully recover and he’s committed to helping folks just like his mom,” who attended the ceremony, and whom Mr.Obama characterized as “Americans who work really hard, play by the rules, day in and day out, to provide for their families.”