U.S. Sen. David Vitter (R-La.) today announced that he will oppose President Obama's nomination of Congressman Mel Watt to be Director of the Federal Housing Finance Agency (FHFA). The Senate is scheduled to vote on the nomination today.
"Mel Watt has a clear record of wanting to restore Fannie Mae and Freddie Mac to their failed stature, which would only restore a linchpin of the financial collapse," Vitter said. "On behalf of the taxpayers who think a private mortgage industry is healthier than a government run one, I'm an emphatic "no' on this nomination."
Vitter has been a vocal opponent of any bailout from the FHFA for Fannie Mae and Freddie Mac and worked to end the supplemental "Making Home Affordable Program" that was derived from leftover Troubled Asset Relief Program (TARP) monies totaling $41 billion. Vitter has fought to return the unused money to the Treasury. Last year former FHFA Director Ed DeMarco announced he would not permit Fannie and Freddie to use the leftover TARP funds to bailout their failed housing program.