Mr. Watt's Nomination To Chair The Federal Housing And Finance Agency

A previous item discussed President Obama's nomination of Mr. Mel Watt as head of the Federal Housing and Finance Agency (FHFA).  Observations offered in that previous note are amplified in this article (see link).  Please consider the man's background and tell me if he deserves this appointment.  More than that please tell me how it is even possible that the President could think he is qualified.  The only rational answer is that the President knows exactly what he is doing and for reasons that should concern us.  Consider this damning quote from the article:  "The acting director of FHFA, Edward DeMarco, has refused to approve across-the-board writedowns of underwater mortgages — a policy strongly favored by Obama’s allies at the many organizations that until recently operated under the ACORN umbrella. In other words, DeMarco has been slower than many housing activists and mortgage lenders would like in returning to the 2008 status quo ante and releasing a flood of government money into low-income lending. Thus the “Dump DeMarco” campaign organized by left-wing housing activists. That they settled upon Mr. Watt as the solution to their problem is not surprising."  http://www.nationalreview.com/article/347437/wall-street%E2%80%99s-favorite-racist/page/0/1

Mr. Watt, on the other hand, while serving in the House of Representatives, co-sponsored efforts forcing Freddi and Fannie to make unsafe loans even in the face of a collapsing housing market followed by huge taxpayer backed bailouts.  Here's a quote from the next link:  "In 2007, a full year after the real estate market peaked and began to plummet under the weight of millions of mortgage defaults, Watt and [Barney] Frank co-sponsored a bill forcing Fannie and Freddie to meet even higher quotas for affordable lending and investing in an 'Affordable Housing Fund' for inner city communities."  Given this background do you want Watt, a significant contributor to the housing collapse from which we have yet to recover, anywhere near Freddie and Fannie???  Why did the President even entertain the thought much less act on it???  Whatever his reasons, it does not bode well for taxpayers or the economic health of the country.  http://dailycaller.com/2013/05/05/housing-nominee-mel-watt-helped-create-the-subprime-crisis/#ixzz2SWRsF4aI

George Burns