Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
A Mortgage Agency Pick Is Likely to Cause Conflict
A Mortgage Agency Pick Is Likely to Cause Conflict
By PETER EAVIS and ANNIE LOWREY
President Obama’s overhaul of the mortgage market has been a long time coming.
But he took a significant step forward on Wednesday, announcing his intention to nominate a new director for an agency that plays a crucial role in the housing market.
The president tapped Representative Melvin L. Watt, a Democrat of North Carolina, to become the new director of the Federal Housing Finance Agency. Mr. Watt has advocated for strong measures to provide relief to struggling homeowners, including reducing how much borrowers owe on their mortgages.
“Mel understands as well as anybody what caused the housing crisis,” President Obama said on Wednesday. “He knows what it’s going to take to help responsible homeowners fully recover.”
Still, Mr. Watt’s nomination will most likely inflame long-running political battles over how much the government should do to make mortgages available and support homeowners. Most immediately, Republican senators opposed to Mr. Watt’s housing stances might try to hold up his confirmation.
- more -
http://dealbook.nytimes.com/2013/05/01/a-mortgage-agency-pick-is-likely-to-cause-conflict/
By PETER EAVIS and ANNIE LOWREY
President Obama’s overhaul of the mortgage market has been a long time coming.
But he took a significant step forward on Wednesday, announcing his intention to nominate a new director for an agency that plays a crucial role in the housing market.
The president tapped Representative Melvin L. Watt, a Democrat of North Carolina, to become the new director of the Federal Housing Finance Agency. Mr. Watt has advocated for strong measures to provide relief to struggling homeowners, including reducing how much borrowers owe on their mortgages.
“Mel understands as well as anybody what caused the housing crisis,” President Obama said on Wednesday. “He knows what it’s going to take to help responsible homeowners fully recover.”
Still, Mr. Watt’s nomination will most likely inflame long-running political battles over how much the government should do to make mortgages available and support homeowners. Most immediately, Republican senators opposed to Mr. Watt’s housing stances might try to hold up his confirmation.
- more -
http://dealbook.nytimes.com/2013/05/01/a-mortgage-agency-pick-is-likely-to-cause-conflict/