(BusinessWeek) - President Barack Obama is getting closer to nominating a replacement for Edward J. DeMarco, the acting regulator of Fannie Mae and Freddie Mac (FMCC), according to three people familiar with the discussions.
U.S. Representative Mel Watt, a North Carolina Democrat, is a candidate to be director of the Federal Housing Finance Agency, according to one of the people, who requested anonymity because the nomination hasn’t been decided. Phyllis Caldwell, a former Treasury Department official, is also being considered, according to the other two people. Michael Stegman, Treasury’s housing adviser, is also a candidate.
Amy Brundage, a White House spokeswoman, had no comment.
DeMarco, 52, is a career government employee who has served as FHFA acting director since 2009. He has been criticized by housing advocates and Democratic lawmakers for refusing to let the two U.S.-owned companies cut debt for borrowers whose mortgages exceed the value of their homes.