The U.S. Senate this afternoon confirmed Rep. Mel Watt (D-N.C.) to head the Federal Housing Finance Agency (FHFA), which regulates Fannie Mae and Freddie Mac. C.A.R. supported Watt’s nomination in May, when President Obama named him, saying that his appointment brings the much-needed certainty to the position that is necessary to ensure that the mortgage giants can continue providing liquidity to the housing finance industry.
Watt also had the support of the NATIONAL ASSOCIATION OF REALTORS® and the National Association of Home Builders.
Watt replaces Ed DeMarco, who has served as acting director of the FHFA ever since the GSEs entered conservatorship.