Free Republic
Browse · Search
Topics · Post Article

Skip to comments.

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

Posted on 05/01/2013 4:52:22 AM PDT by haffast

WASHINGTON — President Barack Obama intends to nominate Rep. Melvin Watt to head the Federal Housing Finance Agency, the government regulator that oversees lending giants Fannie Mae and Freddie Mac, a White House official said Tuesday.

If confirmed by the Senate, Watt, D-N.C., a 20-year veteran of the House, would replace Edward DeMarco, an appointee of President George W. Bush who has been a target of housing advocates, liberal groups and Democratic lawmakers.


The president was expected to name Watt on Wednesday, according to the official, who spoke on condition of anonymity ahead of the announcement.

Watt’s nomination comes at a crucial time for Fannie Mae and Freddie Mac, two government sponsored mortgage-finance enterprises that the government rescued at the height of the financial crisis in September 2008 as they teetered neared collapse from losses on soured mortgage loans.

Taxpayers have spent about $170 billion to rescue the companies. So far, they have repaid a combined $55.2 billion.

Fannie and Freddie together own or guarantee about half of all U.S. mortgages, or nearly 31 million home loans. Those loans are worth more than $5 trillion. Along with other federal agencies, they back roughly 90 percent of new mortgages.

(Excerpt) Read more at ...

TOPICS: Business/Economy; Crime/Corruption; News/Current Events; Politics/Elections
KEYWORDS: bankofamerica; boa; fhfa; mccoll; melvinwatt; nc
Hugh McColl, former Bank of America chairman and CEO, also welcomed Watt’s nomination.

Money(bailouts, bonuses) for bankers, debt for you.

1 posted on 05/01/2013 4:52:22 AM PDT by haffast
[ Post Reply | Private Reply | View Replies]

To: haffast

Dumb as a rock...he was in the House when all the legislation that caused the economic collapse passed..

2 posted on 05/01/2013 4:53:54 AM PDT by ken5050 (Not every Muslim is a terrorist, but just about every terrorist is a Muslim..)
[ Post Reply | Private Reply | To 1 | View Replies]

To: haffast

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

3 posted on 05/01/2013 4:55:07 AM PDT by haffast (Books serve to show a man that those original thoughts of his aren't very new at all. -Abe Lincoln)
[ Post Reply | Private Reply | To 1 | View Replies]

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
4 posted on 05/01/2013 5:04:19 AM PDT by haffast (Books serve to show a man that those original thoughts of his aren't very new at all. -Abe Lincoln)
[ Post Reply | Private Reply | To 3 | View Replies]

To: haffast

This means there will be a massive “redistribution of wealth” from those who have earned it honestly to those who vote democrat.

5 posted on 05/01/2013 5:06:32 AM PDT by I want the USA back (Pi$$ed off yet?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: haffast

Oh, funny! One of the least intelligent people in Congress, and that’s saying something ...

6 posted on 05/01/2013 5:06:48 AM PDT by Tax-chick (Sarah is right.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: haffast

..member of the Congressional Progressive Caucus (CPC),currently chaired by U.S. Representatives Raúl Grijalva (D-AZ) and Keith Ellison (D-MN)and the ever present and worthless Black Caucus.

7 posted on 05/01/2013 5:08:56 AM PDT by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
[ Post Reply | Private Reply | To 1 | View Replies]

To: I want the USA back
Clintonistas, Leftists and BOA
Clintonistas, Leftists and BOA
8 posted on 05/01/2013 5:17:59 AM PDT by haffast (Books serve to show a man that those original thoughts of his aren't very new at all. -Abe Lincoln)
[ Post Reply | Private Reply | To 5 | View Replies]

To: haffast
Obama to name Melvin Watt

Who's on first?

9 posted on 05/01/2013 5:24:34 AM PDT by TruthShallSetYouFree (July 4, 1776: Declaration of Independence. Nov 6, 2012: Declaration of Dependence. R.I.P. America.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: haffast
Look at his district. Does that not say Gerrymander?

10 posted on 05/01/2013 5:30:27 AM PDT by csmusaret (America is more divided today , not because of the problems we face but because of Obama's solutions)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Liz


Banker Hypocrisy And Zombie Homes

11 posted on 05/01/2013 9:00:32 AM PDT by thouworm (DEMOGOGUE: leader who makes use of prejudices, false claims and promises to gain power.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: thouworm
Watt’s nomination comes at a crucial time for Fannie Mae and Freddie Mac, two govt-sponsored mortgage-finance enterprises that the taxpayers rescued at the height of the sub-prime financial crisis Sept 2008 as they teetered neared collapse from losses on soured mortgage loans.


GENESIS OF THE SUB-PRIME BILKING OF TAXPAYERS--- Fannie Mae CEO Franklin Raines' Letter to Shareholders--excerpted from 2003 Fannie Mae Annual Report

Excerpt ...Ten years ago the typical conforming mortgage required a down payment of 10-20%, and low-down payment mortgages were considered too risky. But then we helped to standardize the 3-5% down payment loan, brought it to global capital markets, and made it available to lenders and communities nationwide. Now low-down payment loans are commonplace. And we just adopted a new variance in our underwriting standards that will make the $500 down payment loan widely available as well...

In 1994, we pledged to provide $1 trillion in capital to ten million underserved families by the end of 2000. Thanks to our housing and industry partners, we met that goal early.

Then in 2000, we launched our American Dream Commitment, a pledge to provide $2 trillion in capital to 18 million underserved families by the year 2010, including $400 billion targeted specifically for minority families (later raised to $700 billion in response to President Bush’s Minority Homeownership Initiative). After four of the strongest years in housing and mortgage finance history, we’ve already surpassed the top-line goals of this commitment. But our work is far from complete.

So in January 2004, we announced our Expanded American Dream Commitment and pledged significant new resources to tackle America’s toughest housing challenges. Our new commitment has three main goals.

First, we will expand access to homeownership for six million first-time home buyers in the next ten years, including 1.8 million minority first-time home buyers.We also will help raise the national minority homeownership rate from 49 percent to 55 percent, with the ultimate goal of closing it entirely.

Second, we will help new and long-term homeowners stay in their homes through a series of initiatives, and commit $15 billion to preserve affordable rental housing and $1.5 billion to support the revitalization of public housing communities.

Third, we will increase the supply of affordable housing and support community development activities in at least 1,000 neighborhoods across the country through our American Communities Fund, and through targeted investments like Low-Income Housing Tax Credits that help finance affordable rental housing.

It is because of initiatives like our Trillion Dollar Commitment and our American Dream Commitment that we have exceeded our HUD affordable housing goals for ten consecutive years. (End Raines excerpt.) (NOTE Raines is a Clinton appointee)



The Office of Federal Housing Enterprise Oversight’s report says that F/M CEO Franklin Raines---a Clinton appointee---and other Fannie Mae bigwigs, deliberately and intentionally manipulated financial reports to artificially hit earnings targets in order to trigger multi-million dollar bonuses for senior F/M executives.

Ex-Fannie CEO Franklin Raines should be behind bars for life. He is a crook of the first order. This thief Raines cooked the FM books precipitating losses of $9B (that we know of) for the single purpose of creating bonuses for himself and other F/M insiders. The SEC said Raines broke accounting rules by playing with risky derivatives.

RAINES COOKS THE F/M BOOKS---WALKS AWAY A MULTI-MILLIONAIRE After Raines was fired and exposed as a fraudster for cooking the govt books, Raines walked away w/ $90 million dollars, a $26 million parachute, PLUS..... Raines gets a MONTHLY pension of $116,300 for life. Raines had already collected $4.87 million in "special performance" shares. Raines owns options giving him $5.8 million in net profit after redemptions, plus another $8.7 million in deferred compensation for his six years at the F/M helm. There's more.

Raines keeps $5 million of paid-up life insurance. He and his spouse get free medical and dental benefits for life, worth over $1 million. NOTE: Raines earned $20 million in salary, bonuses and stock awards (that we know of) in one year.

To keep Raines happy within philanthropic circles, Fannie Mae will match Raines' charitable contributions by $10,000 a year.

After he was fired, Raines told the F/M board that he's entitled to get paychecks until June 22 giving him another $600,000, which triggers a $2,000 monthly raise in his pension.



Fannie/Freddie are centerpieces of the criminal enterprise called the Democrat Party-—where Dem cronies and collaborators loot the organization, get cushy jobs, bonuses, and the like.

Fannie Mae’s political machine dispensed campaign contributions, gave jobs to friends and relatives of legislators, hired armies of lobbyists (even paying lobbyists not to lobby against it), paid academics who wrote papers validating the home ownership mania, and spread “charitable” contributions to housing advocates across the congressional map.

Fannie Mae serves as an industrial-sized patronage factory — sharing profits with political allies, spreading taxpayer funds to voting blocs——like ethnic groups-——and doling out jobsto left-wing academics, Washington has-beens and back-scratching buddies.

Obama insider Fannie Mae exec Jim Johnson got sweetheart loans from shady subprime Countrywide. Pols raked in six-figure salaries as F/F engaged in Enron-style accounting, plunged into debt and helped usher in the subprime housing meltdown through cockamamie lending practices.

Bill Clinton appointed Franklin Raines, Daley and Rahm Emanuel just as the quasi-governmental F/M engaged in rampant book-cooking so that F/M insider could help themselves to massive bonuses.

The Chi/Tribune exposed how political whore Rahm Emanuel’s “profitable stint” was low-show w/ no work involved. Emanuel was not even assigned to committees, according to company proxy statements. Immediately upon joining the board, Emanuel and other insiders qualified for $380,000 in stock and options plus a $20,000 annual fee, public records indicate. W/ Wall Street Rahm Emanuel at F/M, accounting tricks were used to mislead shareholders about outsize profits F/M reaped from risky investments.

The goal was to cook the books to keep fraudulent earnings on the books, to make Freddie Mac look profitable on paper-——AND to fraudulently obtain humongous annual bonuses for political insiders.

12 posted on 05/01/2013 4:17:23 PM PDT by Liz (To learn who rules over you, determine who you are not allowed to criticize. Voltaire)
[ Post Reply | Private Reply | To 11 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794 is powered by software copyright 2000-2008 John Robinson