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Ellison Praises Obama’s Housing Finance Nominee

Obama plans to nominate Rep. Mel Watt to lead the Federal Housing Finance Agency.

Fifth District Rep. Keith Ellison is praised the president’s selection of Rep. Mel Watt (D-NC) to lead the Federal Housing Finance Agency—which supervises Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

Ellison, a Democratic member of the House Financial Services Committee, released the following statement Wednesday after a White House official announced that President Barack Obama planned to nominate Watt: 

Mel Watt is a strong housing and community development advocate. If confirmed by the Senate, working families in Minnesota will have an ally leading the Federal Housing Finance Agency. Since the Great Recession, there have been more than 4 million foreclosures and American homeowners lost more than half the value on their homes. Today, 10 million Americans continue to owe more money than their home is worth.                                                                                                                                     

I am confident that, if confirmed, Rep. Watt will continue his support for common-sense policies to keep people in their homes. Rep. Watt is a leading proponent principal reduction—allowing Fannie Mae and Freddie Mac to write down the mortgage principal owed by homeowners—which helps struggling families keep their homes. Last week, Reps. Gary Peters (D-MI), Rep. Dennis Ross (R-FL) and I introduced the Preserving American Homeownership Act, H.R. 1754 which establishes a pilot shared appreciation/principal reduction program.

The American people deserve an advocate like Rep. Mel Watt at the Federal Housing Finance Agency. I urge the Senate to approve his nomination as soon as possible.  If the Senate is unable to confirm Rep. Watt as a leader of the FHFA, I hope the President will appoint a leader during Congressional recess who can successfully lead the agency.

 Watch Obama introduce the nominees in the video player above.

Nancy E Gertner May 03, 2013 at 03:53 AM
Wow! Business Week, Money, Shape, and all those other rankings must have missed the deadbeats and freeloaders when they ranked Minneapolis as one of the top cities to live in the USA. Where should I go to find a place that has a lower percentage of the deadbeats and freeloaders?
steve May 03, 2013 at 04:04 PM
You thank dim obama fones is hip youu gonnaa love tthe watts crack pipes.
Michael Hindin May 03, 2013 at 04:11 PM
Steve. There must be a better way to express what you want to say. We can't tell what you are for or against.
James Sanna May 03, 2013 at 04:56 PM
A comment was deleted for violating Patch's Terms of Service (http://hopkins.patch.com/terms), which bar comments that are "is defamatory, abusive, obscene, profane or offensive" and which are "threatening, harassing or that promotes racism, bigotry, hatred or physical harm of any kind against any group or individual; promotes or encourages violence;"
Spotman May 07, 2013 at 03:05 PM
No thanks to Keith Ellison.

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