After a protracted fight, the Senate has finally confirmed Rep. Mel Watt (D-N.C.) to head the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac. What direction will he steer the United States' housing finance system?
"As director of the agency that oversees Fannie and Freddie, Watt will have a huge influence with big decisions to be made about how to deal with two agencies that are essentially still floating in suspended animation," writes Lydia DePillis. "So, what can we expect from FHFA Director Watt?"
"If you listen to conservatives like the Heritage Foundation and the American Enterprise Institute's Peter Wallison, he'll start inflating a new housing bubble by pursuing policies he's supported in the past to help low-income home buyers secure loans. If you listen to fair lending advocates, he would pump more money into stabilizing foreclosures, which current FHFA Director Ed DeMarco refused to consider."
DePillis directs readers to a recent article by Nick Timiraos in The Wall Street Journal that examines four ways that Watt could change housing policy.
Read the full story: The Senate finally confirmed the most powerful man in housing. Here’s what he might do.
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