President Obama is set to announce the nomination of Mel Watt as the new leader of the Federal Housing Financing Agency. Watt, a congressman from North Carolina, is set to oversee government-controlled Fannie Mae and Freddie Mac which in turn may give the White house more control over housing policy. The FHFA regulates Fannie Mae and Freddie Mac, which together own of guarantee about half of all U.S. home loans with the federal government supports more than nine of ten new mortgages. Watt is the second person President Obama has nominated to replace current leader Edward DeMarco. Joseph Smith, a former nominee, was not able to win Senate confirmation after Republicans questioned his independence from the White House. Many Democrats have argues Fannie Mae and Freddie Mac should be used to advance policies that would aid the broader housing market, and by extension the economy. Republicans are opposed to using mortgage financiers as tools for economic or social policy. Many view new nominee Watt as a potential leader who will go right along with Obama administration requests and for this reason, Watt may find it hard to receive confirmation due to potential Republican opposition.
http://www.huffingtonpost.com/2013/05/01/mel-watt-fhfa-ed-demarco_n_3190105.html?utm_hp_ref=business#slide=1963642
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