Republicans shoot down Obama's FHFA pick

by MPA01 Nov 2013

Republicans have blocked the appointment of President Barack Obama's pick to lead the Federal Housing Finance Agency.

Senate Republicans led the charge to block the confirmation of North Carolina Democrat Mel Watt to lead the FHFA, Bloomberg has reported. The effort to stymie the Obama Administration's pick saw a 56-42 vote, four short of the 60 needed to move the nomination to a final debate and floor vote.

Watt would have replaced acting director Edward DeMarco. Republican lawmakers opposed Watt's nomination, saying the president should have chosen someone with a background in the mortgage finance markets rather than a politician.

The move is likely to come as a disappointment to some in the industry, with the Mortgage Bankers Association earlier this week urging Republicans to confirm Watt.

“Congressman Watt would bring considerable experience to the post of director. His two decades of work on the House Financial Services Committee gives him a strong base of understanding on a wide variety of public policy issues related to housing finance,” said MBA Chairman E.J. Burke. “This familiarity and understanding would serve him well in this new position.”

COMMENTS

  • by Cheryl M | 11/1/2013 9:35:56 AM

    No difference than chosing Eliz. Warren to head TARP, someone with a background in bankruptcy law who's goal it was to be a politian is not the person for the job. Wiping the slate clean isn't someone for heading modifications? On the other end of the spectrum Mel Watt has a business economics background working 20 years in HFSC, he might want to look out the window and notice the housing recovery is going backwards not forward! Mel, Economics 101: Recovery Rate is equivalent to the HFSC fraudulent activities: poor activities result in low recovery rate. Not the outcome I would want on my resume for 20 years experience. Bet he would not be able to pass the MLO testing or would not know what a 1003 is either.

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