Rep. Schakowsky Statement on Nomination of Mel Watt as FHFA Director

Washington, DC (May 1, 2013) — Rep. Jan Schakowsky released the following statement on President Obama's nomination of Mel Watt to lead the Federal Housing Finance Agency:

"I applaud the President's appointment of Mel Watt as Director of the Federal Housing Finance Agency (FHFA). Mel Watt is a thoughtful and meticulous legislator and an independent thinker. As a longtime member of the Financial Services Committee, he has a firm understanding of our national housing market and the changes needed to strengthen it in the future.

"The FHFA is the federal regulator for Fannie Mae, Freddie Mac, and the nation's 12 Federal Home Loan Banks — accounting for more than 70 percent of all mortgages. For too long, FHFA has failed to adequately protect homeowners and communities that suffered from disastrous lending policies that have led so far to more than 4 million foreclosures nationwide and left millions more households dangerously underwater.

"Mr. Watt has a track record of standing up for homeowners, including his early efforts to curb predatory lending practices that contributed to the housing crash. I have confidence in his ability to lead one of our country's most important agencies with the strength, insight, and conviction it so sorely needs....

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