Representative Mel Watt (D-NC) is expected to be sworn in as the next director of the Federal Housing Finance Agency (FHFA) on Monday, January 6. He will also resign from his congressional seat on that day.
Mr. Watt’s nomination to be the head of FHFA, which regulates Fannie Mae and Freddie Mac, was confirmed by the Senate on December 10 (see Memo, 12/13).
Both Fannie Mae and Freddie Mac were directed by the 2008 Housing and Economic Recovery Act to provide revenue to the National Housing Trust Fund (NHTF). This requirement was suspended in 2008 before any payments were made. NLIHC and other housing advocates are hopeful that Mr. Watt will reconsider FHFA’s decision to suspend the payments.