Democratic Leader Nancy Pelosi released the following statement today on the nomination of Congressman Mel Watt to be the Director of the Federal Housing Finance Agency (FHFA):
"A proud son of North Carolina, Congressman Mel Watt has spent the last 20 years as a staunch and tireless advocate for the health, economic security, and prosperity of the people he represents. As an economic development attorney and small business owner, he will bring the real-life expertise and unwavering dedication necessary to lead the Federal Housing Finance Agency.
"The FHFA plays a central role in safeguarding the stability of our mortgage markets, the availability of affordable housing, and the confidence of Americans who invest in their communities and their future. Representing a district with more banking and financial institutions than any congressional district beyond Wall Street, Congressman Watt possesses invaluable judgment in balancing legitimate financial concerns with the security and success of American consumers.
"Mel Watt has never failed to fight on behalf of homeowners facing foreclosures, and he worked with Members to pass tough federal anti-predatory lending legislation in Wall Street Reform to better protect underserved Americans who are looking for a home loan. Once known as the conscience of the North Carolina Senate, he will provide a much-needed moral compass to the operations and housing interests of our financial industry.
"Elected as one of the first African Americans in over 90 years to serve North Carolina in Congress, Mel has overcome obstacles and beat back outside influence in order to fight for the best interests of his district. It is a source of pride to all of his colleagues in the House that President Obama has asked Mel to lead the FHFA and bring his tenacious spirit to the task of protecting and promoting the economic security of the middle class and the American people."