Obama’s pick to head the Federal Housing Finance Agency once said that a “majority of white voters” would never vote for a black candidate and that they should be excluded from “the democratic process.” The White House announced Wednesday that Obama will nominate Democratic North Carolina Congressman Mel Watt to take over the FHFA, which regulates Fannie Mae and Freddie Mac, the country’s government sponsored mortgage companies. Watt, the former chairman of the Congressional Black Caucus, has in the past accused white Americans of racism. “There would be a substantial majority of white voters who would say that under no...