Watt Confirmed by Senate to Lead FHFA
The full Senate voted 57-41 to confirm Rep. Mel Watt (D-N.C.) as FHFA director on Tuesday.
In October, Republicans prevented Watt’s confirmation from advancing in the Senate. However, in November, Senate Democrats voted to overturn a rule that required 60 votes to stop a filibuster that prevented a floor vote on presidential nominees.
Under the new rules, 51 votes are enough to overcome a filibuster.
Jim Blaine, president/CEO of the $26 billion State Employees' Credit Union in Raleigh, N.C., told Credit Union Times on Friday that he supports Watt as FHFA director.
"His N.C. congressional district encompasses the headquarters of (Bank of America in Charlotte), but he's always been open to hearing the concerns of both credit unions and community banks," Blaine said.
"Our credit union would like to see the future role of Fannie, Freddie and the 30-year fixed rate mortgage greatly diminished in the national and local mortgage market,” Blaine continued.
“Those are not ideas with which Congressman Watt generally agrees, but we know he will attempt to consider all views and seek solutions that are in the long term best interests of consumers.”
In a statement, NAFCU President/CEO Dan Berger congratulated Watt on the confirmation and said his trade looks forward to working with him.
"NAFCU has always appreciated his willingness to meet with credit unions and to hear their concerns," Berger said.
Edward DeMarco has been serving as acting director.
At the time of confirmation, Watt was in South Africa attending memorial services for former President Nelson Mandela.