The U.S. Senate’s vote yesterday to eliminate filibusters for most presidential nominees likely clears the way for the Senate to confirm Rep. Mel Watt, D-N.C., to head the Federal Housing Finance Agency, which regulates mortgage giants Fannie Mae and Freddie Mac.
Edward DeMarco, the FHFA’s acting director, has clashed with the Obama administration on how Fannie and Freddie should operate. For instance, DeMarco has resisted calls to allow principal reductions in modifications of loans backed by the mortgage giants.
Source: The Wall Street Journal
