Housing nominee Mel Watt helped create the subprime crisis

The Daily Caller ^ | 5/5/13 | Charles C. Johnson

[grimalkin]

Mel Watt, President Obama’s nominee for director of the Federal Housing Finance Agency, pushed government programs to help welfare recipients buy homes during the creation of the subprime mortgage bubble.

Watt, a 20-year Member of Congress from North Carolina’s 12th district, also had a hand in programs allowing borrowers with poor credit to buy homes with no down payment. The American financial system was subsequently destroyed when millions of bad borrowers defaulted on their loans, setting off a market crash that wiped out nearly 40 percent of the net worth of Americans.

In 2002, Watt teamed up with Freddie Mac and Fannie Mae, Bank of America, BB&T, and UJAMMA Inc., to announce Pathways to Homeownership, a pilot initiative designed to give home loans to welfare recipients.

Read more: http://dailycaller.com/2013/05/05/housing-nominee-mel-watt-helped-create-the-subprime-crisis/#ixzz2SWxnu0OZ

[srmorton]

The only good thing about this nomination is that NC will no longer have him as one of our Congressional representatives.

[Perseverando]

Fixed: http://dailycaller.com/2013/05/05/housing-nominee-mel-watt-helped-create-the-subprime-crisis/#ixzz2SWxnu0OZ

[BuckeyeTexan]

So did the 2012 Republican Party nominee for POTUS ...

Governor Romney’s Housing Crisis (FR Exclusive)
http://www.freerepublic.com/focus/f-news/2838983/posts

[Hyman Roth]

"The only good thing about this nomination is that NC will no longer have him as one of our Congressional representatives."

Good riddance to bad trash... He is one of McColl's cronies.

[thouworm]

ping

[Bravo six]

This scumbag needs to be tossed out of any govt job. This is shameful, the hack is an architect of the subprime crisis. Ludicrous that he is under consideration.