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Obama Urges Congress to Back New Housing Regulator

moneynews.comMay 13, 2013

President Barack Obama urged lawmakers to back his nominee to oversee mortgage financiers Fannie Mae and Freddie Mac, Democratic Representative Mel Watt.

"Mel's represented the people of North Carolina in Congress for 20 years, and in that time, he helped lead efforts to put in place rules of the road that protect consumers from dishonest mortgage lenders and give responsible Americans the chance to own their own home," Obama said in his weekly radio and Internet address.

"He's the right person for the job, and that's why Congress should do its job, and confirm him without delay," Obama said.

The North Carolina lawmaker is expected to face a tough confirmation battle in the Senate, where Democrats are likely to need some Republican support to get Watt approved.

If confirmed, Watt would replace Edward DeMarco, a career civil servant who has led the Federal Housing Finance Agency in an acting capacity since 2009.

Fannie Mae and Freddie Mac were seized by the government in 2008 as mortgage losses mounted. They have received $187.5 billion in taxpayer funds to stay afloat, while paying about $58 billion to the Treasury in dividends.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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