Senate Vote for
FHFA Expected October 31
This week, the U.S. Senate is likely to consider the confirmation of Congressman Mel Watt (D-NC) to head the Federal Housing Finance Agency (FHFA), the federal body that oversees mortgage giants Fannie Mae and Freddie Mac.
Rep. Watt has a strong record of fighting to rein in deceptive mortgage lenders, protecting consumers from abusive financial practices, and expanding affordable housing during his 20 years on the House Financial Services and Judiciary Committees. Rep. Watt is a longtime supporter of the National Housing Trust Fund.
Rep. Watt has broad support from housing, civil rights and consumer groups as well as industry leaders, including the National Association of Realtors and the National Association of Home Builders. Having a confirmed FHFA director in place will help promote certainty for the housing industry. Yet, Senators who oppose a new direction for FHFA have threatened a filibuster for months in order to prevent a vote on Rep. Watt’s nomination.
Mel Watt deserves an up or down vote!
Here’s how you can help:
- Contact Brian Chernoff via email or phone (202-224-4744) in Senator Menendez’s today and tell him that Mel Watt is a qualified nominee for FHFA director. He deserves an up or down vote and should be confirmed.
- Rep. Watt would replace FHFA Acting Director Ed DeMarco, who is unpopular among housing and consumer groups because he blocked principal correction on any of the 30 million mortgages owned or backed by Fannie and Freddie, despite incentives from the Treasury Department and evidence that it would strengthen the economy while helping homeowners get back on track.