In response to news that President Obama will nominate Rep. Mel Watt, D-NC., to replace Ed DeMarco, acting director of the Federal Housing Finance Agency, many consumer advocates and fellow lawmakers are stepping up to support this transition.
Congresswoman Maxine Waters, D-Calif., offered a statement endorsing the potential director. "We are at a crossroads in our economic recovery, and the FHFA must play a leading role in laying the groundwork for the long-term stability of the housing market," said Waters.
She added, "Given that this is one of the most important challenges that we face as a nation, we need a man as thoughtful, well-informed, principled and fair as Representative Watt."
Waters worked closely with Rep. Watt for nearly 20 years, serving together on the House Financial Services Committee since 1994.
The National Community Reinvestment Coalition also held high praise for Rep. Watt, saying he is well qualified and sure to be a strong leader for the agency.
"With Mel Watt as FHFA Director, the President would finally have a leader in that agency who will be a member of the team and do what is best for American taxpayers and homeowners," the coalition noted.
NCRC added, "For too long FHFA’s Acting Director, Ed DeMarco, has obstructed recovery in the housing market by refusing to allow principal reductions at the government-sponsored enterprises (GSEs). He must be replaced. Principal reductions at the GSEs will accelerate the rise in property values and help to stabilize the housing market."
In August of 2012, NCRC and hundreds of community organizations sent a letter to the White House calling on President Obama to recess appoint a new FHFA director.