May 01, 2013

Statement from Sen. Elizabeth Warren on the Nomination of Mel Watt for FHFA Director

WASHINGTON, DC - United States Senator Elizabeth Warren (D-MA) today released the following statement on President Obama's decision to nominate Mel Watt to serve as Director of the Federal Housing Finance Agency (FHFA):

"The President has made an excellent choice in nominating Mel Watt to be Director of the Federal Housing Finance Agency (FHFA).  Congressman Watt is a thoughtful policymaker with a deep background in finance and a long record as a champion for working families. The Senate should confirm Congressman Watt soon so he can get to work stabilizing shaky housing markets and helping struggling homeowners. 

"In the meantime, I believe the Administration needs to remove Ed DeMarco as acting director of the FHFA.  Under DeMarco’s leadership, the FHFA has refused repeatedly – often with cold indifference – to work with families struggling to save their homes. Families deserve an FHFA that pursues helpful policies like principal write-downs and abandons senseless rules like those that prevent foreclosed homes from being re-sold to their original owners. Such policies would speed the housing recovery and reduce the risks that American taxpayers will be called on to bail out mortgage lenders.  It is time for change."