Mortgage

Uphill battle begins for FHFA head

President Barack Obama’s pick to lead the federal agency that oversees mortgage finance faces an uphill battle Thursday at a Senate confirmation hearing.

Many Republicans are happy with the current caretaker and worry that Rep. Mel Watt, D-N.C., will bring a social agenda to the post, Miami Herald reports.

Watt is a longtime lawmaker who’d bring plenty of policy history but little private-sector experience to the job of heading the Federal Housing Finance Agency. The little-known agency regulates Fannie Mae and Freddie Mac, the two mortgage-finance titans that have been in government conservatorship since 2008.

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