After much delay, Rep. Mel Watt, D-N.C., was officially sworn in as the first Senate-confirmed director of the Federal Housing Finance Agency Monday.

Watt will oversee Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. He also will provide oversight for the $5.5 trillion mortgage finance market. He is the first Senate confirmed director to date, with Ed DeMarco holding the seat of Acting Director for nearly six years.

"I am honored to serve as Director of the Federal Housing Finance Agency,” Watt said Monday.

"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," he added.  

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