E.J. Burke, chairman of the Mortgage Bankers Association (MBA) issued the following statement on the nomination of U.S. Representative Mel Watt to be director of the Federal Housing Finance Agency (FHFA).
“More than five years after being put into conservatorship, Fannie Mae and Freddie Mac remain in limbo. The President has nominated Congressman Watt to be the Director of the Federal Housing Finance Agency, a critical leadership position that needs to be filled on a permanent basis in order to advance the debate over the future of the government’s role in the mortgage market.
“Congressman Watt would bring considerable experience to the post of Director. His two decades of work on the House Financial Services Committee gives him a strong base of understanding on a wide variety of public policy issues related to housing finance. This familiarity and understanding would serve him well in this new position.
“MBA has had a longstanding relationship with Congressman Watt, and has had the chance to engage him directly on a number of occasions since his nomination was announced. MBA would be ready and willing to work with him in his new capacity to provide technical support and expertise as he oversees the restructuring of the secondary mortgage market. Based on these factors, we would urge the Senate to approve his nomination.”