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Investments / Lending / Servicing / The Ticker

Mel Watt fails to obtain Congressional vote before summer recess

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President Obama’s Federal Housing Finance Agency nominee Rep. Mel Watt, D-N.C., failed to obtain a vote on his nomination to lead the FHFA in time to beat Congress's summer recess. 

Lawmakers break on Aug. 2, Compass Point Research & Trading pointed out. The tight time frame makes a Mel Watt confirmation unlikely this summer. 

"We believe this is a significant event as it is reflective of both the continuity of the Republican opposition as well as the unwillingness of Democrats to force the issue on Rep. Watt's nomination at this point in time," the research group said. "While the debate will reemerge when Congress returns from its recess on September 9, we continue to doubt that Rep. Watt will become the next FHFA director."

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