On Jan. 6, Mel Watt was officially sworn in as the first Senate-confirmed director of the Federal Housing Finance Agency (FHFA), taking the reins from Ed DeMarco who served as acting director for almost six years. As agency head, Watt will oversee Fannie Mae and Freddie Mac, the Federal Home Loan Banks, and the trillion dollar mortgage finance market. Some are reporting that he could shake up the industry with the biggest shift in housing policy since Fannie and Freddie were nationalized.
Watt said he was honored to serve as the new director, emphasizing that "Today’s housing finance system is one of the keys to our economic recovery and I am grateful for the opportunity to help develop a strong foundation for moving this system forward for the benefit of all Americans at this critical point in our nation’s history.”
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