Obama nominates N.C. congressman to run FHFA

TRD New York /
May.May 01, 2013 12:30 PM

President Barack Obama is expected to tap a North Carolina congressman to lead the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, CNBC reported.

Rep. Melvin Watt, a Democrat and senior member of the House Financial Services Committee, was integral to passing Dodd-Frank, the financial regulatory overhaul enacted in 2010.

If the U.S. Senate were to confirm the nomination, Watt would replace Edward DeMarco, who was appointed by then-President George W. Bush.

DeMarco has earned his share of criticism, including from New York State Attorney General Eric Schneiderman, for an apparent unwillingness to help residential borrowers underwater on their homes.

Fannie Mae earned $17.2 billion last year, its largest annual profit to date, CNBC said. Fannie and Freddie collectively own or guarantee nearly 31 million home loans – roughly half of all mortgages in the U.S. [CNBC] – Mark Maurer


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

1735 York Avenue and Bonjour Capital's Charles Dayan (Credit: Google Maps)

Dayan’s Bonjour Capital inks $115M refi for Upper East Side building

US home mortgage debt surges past pre-recession record

US home mortgage debt surges past pre-recession record

FHFA director Mark Calabria is ready to set Fannie and Freddie free, while Wall Street worries about potential risks.

Wall Street warns against privatizing Fannie and Freddie without Congress guarantee

FHFA director Mark Calabria (Credit: Federal Housing Finance Agency and Getty Images)

Trump official to pressure Congress to privatize Freddie and Fannie

Mortgage rates plummet to lowest levels in nearly 2 years

Mortgage rates plummet to lowest levels in nearly 2 years

FHFA director Mark Calabria (Credit: Federal Housing Finance Agency and iStock)

Trump’s move to take Fannie and Freddie private could mean higher mortgage costs

President Donald Trump (Credit: Getty Images)

Mortgage guarantors Fannie Mae and Freddie Mac to return to private control

arrow_forward_ios