Yesterday, nearly five years after President Barack Obama first assumed office, the U.S. Senate removed what has been described by some progressives as the "single largest obstacle to meaningful economic recovery" when it was finally allowed to vote for the confirmation of Rep. Mel Watt (D-NC) as the new Director of the Federal Housing Finance Agency (FHFA).
In a vote allowed by a recent change to filibuster rules in the U.S. Senate, Watt will now replace Bush appointee Edward J. DeMarco, who was first appointed in 2008 and became the acting Director of the federal agency in 2009.
The FHFA oversees the government-sponsored mortgage giants, Fannie Mae and Freddie Mac, which collectively own 60% of all mortgages in the United States. The agency also oversees 12 Federal Home Loan Banks, which, according to the Washington Post, "serve as major sources of funding for hundreds of banks."
In a statement issued late yesterday, praising Watt's confirmation and chiding Senate Republicans for their obstructionism in holding up this and many other uncontroversial Presidential nominations, Rep. Xavier Becerra (D-CA), Chairman of the House Democratic Caucus, highlighted the importance of the FHFA's intended role in safe-guarding homeowners.
"Republicans in the U.S. Senate callously blocked the confirmation of the supremely qualified Congressman Mel Watt to be our nation's Director of the Federal Housing Finance Agency," Becerra said. "Today, by a bipartisan vote of 57 to 41, Rep. Watt is on his way to lead the FHFA as America's watchdog over the American Dream. What a difference a day makes when the Senate is free of the mischief of exploitive filibusters"...