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President Obama to Nominate Rep. Mel Watt as FHFA Director
Politic365 ^ | 4:21am May 1, 2013 | Lauren Burke

Posted on 05/01/2013 4:14:55 AM PDT by haffast

President Obama will nominate Rep. Mel Watt (D-NC) today to be the Director of the Federal Finance Housing Finance Agency (FHFA). Many have called for the firing of the agency’s current director, Ed DeMarco. DeMarco has headed the agency since 2009 and was a Bush appointee. Watt’s nomination is subject to Senate confirmation.

Watt played a key role in the he Dodd–Frank Wall Street Reform and Consumer Protection Act that is now law and has been an advocte for minority lending institutions. Watt is 67 and a graduate of Yale Law School. He has served in Congress since 1993 and has been a member of the House Financial Services Committee for 20 years.

The role of the FHFA Director is to oversee the two mortgage financing companies Fannie Mae and Freddie Mac. Both were taken over by the government after taxpayers bailed them out to the tune of $170 billion after the subprime foreclosure fiasco. The subprime mortgage meltdown has been the primary reason for a massive loss in middle class wealth over the last five years including a massive loss of wealth in the Black community.

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(Excerpt) Read more at politic365.com ...


TOPICS: Crime/Corruption; Government; News/Current Events; Politics/Elections; US: North Carolina
KEYWORDS: banking; bankofamerica; banks; black; caucus; dodd; frank; mccoll
"If Watt is confirmed by the Senate his service would represent a big departure in policy and priorities as compared to DeMarco. As the Obama Administration has been criticised for not assisting underwater homeowners enough, DeMarco has stood in the way and instead sided with financial interests."
1 posted on 05/01/2013 4:14:55 AM PDT by haffast
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To: haffast
Watt is a consummate racist. He will be the fox guarding the hen house.
2 posted on 05/01/2013 4:21:36 AM PDT by Robe (Rome did not create a great empire by talking, they did it by killing all those who opposed them)
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To: Robe
Watt is a consummate racist. He will be the fox guarding the hen house.

Obama's and the banks intent.

Obama to name Melvin Watt, NC congressman, to top housing finance post
Associated Press Updated: Wednesday, May 1, 12:13 AM

Hugh McColl, former Bank of America chairman and CEO, also welcomed Watt's nomination. McColl says he has known Watt for four decades, first meeting him through his brother-in-law, former Rep. John Spratt, D-S.C., who attended Yale Law School at the same time as Watt.

"What he brings to everything, doesn't matter the subject, is an open mind," McColl said. "He has clarity of thought."

Charlotte is a major banking center, and the top donors to Watt's political campaigns over the years have been bank political action committees and bank officials and employees.
http://www.washingtonpost.com/business/ap-source-obama-to-name-melvin-watt-nc-congressman-to-top-housing-finance-post/2013/04/30/150c073e-b212-11e2-9fb1-62de9581c946_story.html

3 posted on 05/01/2013 4:38:39 AM PDT by haffast (Books serve to show a man that those original thoughts of his aren't very new at all. -Abe Lincoln)
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To: haffast

The redux of the infamous Franklin Raines era at Fannie Mae. What could possibly go wrong?


4 posted on 05/01/2013 4:43:57 AM PDT by txrefugee
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To: haffast

Hugh McColl and his cronies are the biggest crooks on the face of the earth. NC is a cesspool of corruption.


5 posted on 05/01/2013 4:47:44 AM PDT by Hyman Roth
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To: Hyman Roth

Watts has the most famous Congressional district in the nation.


6 posted on 05/01/2013 4:51:11 AM PDT by AppyPappy (You never see a massacre at a gun show.)
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To: Hyman Roth
Clintonistas, Leftists and BOA
http://www.freerepublic.com/focus/f-news/3003624/posts?page=6#6


7 posted on 05/01/2013 5:12:38 AM PDT by haffast (Books serve to show a man that those original thoughts of his aren't very new at all. -Abe Lincoln)
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To: haffast
"Our founding fathers intentionally set an extremely high constitutional standard for impeachment to make sure that impeachment was reserved for the most egregious conduct that could have profound adverse consequences for the nation and could not be routinely used for political or policy disagreements or as a substitute for political participation. One lesson I learned as a member of the House Judiciary Committee during the Clinton impeachment was how impeachment can detract from other important work of the American people. This lesson makes me an unlikely candidate to lead the charge for a Bush or Cheney impeachment. However, as a member of the House Judiciary Committee, I would certainly be an active participant in the impeachment process if an impeachment proceeding is initiated and I continue to keep an open mind about any such prospects." - Congressman Mel Watt
8 posted on 05/01/2013 5:15:05 AM PDT by haffast (Books serve to show a man that those original thoughts of his aren't very new at all. -Abe Lincoln)
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To: haffast
Reparations..here they come....politics in housing loans will be big...no loan for me..but for a minority it will be free money...probably 110% free money..no down payment and no job needed...and you will never be foreclosed on..just given more free money..government run housing is the end game...
9 posted on 05/01/2013 8:14:42 AM PDT by Youngman542012
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