BOSTON -- President Barack Obama will nominate Mel Watt, a longtime Democratic congressman from North Carolina, to oversee government-controlled mortgage giants Fannie Mae and Freddie Mac in a move that may give the White House greater control over housing policy.
Obama will announce his nomination of Watt to lead the Federal Housing Finance Agency on Wednesday, people familiar with the matter said. The nomination, subject to Senate approval, would thrust the Yale-educated lawyer into the center of U.S. economic policy as the government weighs how best to maintain the housing recovery while reducing the government’s role in propping up home prices and providing loans.
FHFA regulates Fannie Mae and Freddie Mac, the bailed-out mortgage financiers that together own or guarantee about half of all outstanding U.S. home loans. The federal government backstops more than nine of every 10 new mortgages.
Read More...
via Google News
No comments:
Post a Comment