Confirm Rep. Mel Watt as FHFA Director!

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The housing crisis is not over.  Nearly 13 million homeowners owe more on their homes than they are worth and 1 in 4 homes are not only underwater, but at high risk of foreclosure. 1 Confirm Watt image

Our communities can’t afford to wait any longer: we need a chief housing regulator who will stand with homeowners, taxpayers and communities - NOT with Wall Street.  

Click here to sign the petition to urge your senators to confirm Rep. Mel Watt!

Rep. Mel Watt is well-qualified to head the FHFA and will prioritize homeowners and taxpayers first. He’ll set the housing market on the right path to strengthen our entire economy.

It’s time for a chief housing regulator who will stand with homeowners, communities and taxpayers. 

Click here to sign the petiton:
Tell your Senator: Yes to Mel Watt, No to a Filibuster!

Who’s paying for the so called recovery?

The so-called housing recovery is being driven by Wall Street private equity firms and hedge funds. These profit-hungry firms are buying up foreclosed homes for profit, leaving families without affordable homes to raise their children, and destabilizing our communities.    That isn’t right.

The impact of this false recovery on on communities of color is devastating. Across the country, communities of color have been disproportionately impacted by the foreclosure crisis. Since the crisis began, Black borrowers have been 76% more likely than white borrowers and Latino borrowers have been 71% more likely than white borrowers to lose their. 2

That isn’t right.


Worse, as millions of homeowners and communities have been devastated by the housing crisis, large investment firms are capitalizing -- turning foreclosed homes into lucrative rental properties. Blackstone, the largest private real estate owner in the country, has bought up 16,000 foreclosed homes and turned them into lucrative rentals. Blackstone CEO and co-founder Stephen Schwarzman, meanwhile, received $213.3 million in pay and cash dividends in 2012. Blackstone isn’t alone. Los Angeles-based investment firm Colony Capital is spending $250 million each month to purchases foreclosed homes and already owns 10,000 rental properties. 3

This profiteering from the foreclosure crisis has to stop. We need a chief housing regulator who will stand with our communities.

Tell the Senate to confirm Rep. Mel Watt to oversee Fannie Mae and Freddie Mac as the director of the Federal Housing Finance Agency.  

Who is Rep. Mel Watt?

Representative Mel Watt brings 40 years of experience in housing and finance to the position of FHFA Director. He is well-qualified to become our nation’s next chief housing regulator.  
Rep. Mel Watt's qualifications
Rep. Watt graduated Phi Beta Kappa from University of North Carolina Chapel Hill and earned a law degree from Yale University Law School.

He has served in Congress since 1993. Since he was elected, Congress Rep. Watt has served on the House Financial Services Committee which oversees housing, banking, insurance and other financial services matters. Prior to his election he practiced law in North Carolina, specializing in business law with a particular focus on small and minority owned businesses and real-estate law.

Rep. Watt championed anti-predatory lending legislation and was a key supporter of the Dodd-Frank Act. Rep. Watt has a long track record of championing minority homeownership both in his private practice and in Congress. He has supported principal reduction as a key method for addressing the housing crisis and getting our economy back on track.

As our nation’s chief housing regulator, Rep. Watt will be able to fully enact FHFA’s mandate and put in place a long-term vision for FHFA that will build a stronger housing market and economy.

More must be done to reverse the devastating impact of the foreclosure crisis on homeowners and communities -- particularly communities of color. Our communities have already lost $192.6 billion and they stand to lose an additional $220.7 billion if we don’t change course. We need an FHFA director who understands that the road to economic recovery for our entire economy goes through the housing market.

Fannie Mae and Freddie Mac back the majority of US mortgages, and decisions by Freddie and Fannie’s oversight agency will determine whether proper safeguards are in place to guard against another crash in the housing market and the larger economy. Rep. Watt understands the key role that the FHFA plays in getting the housing market and economy back on track.  


1. Fact Sheet: Housing Foreclosures a Continuing Crisis  

2. Fact Sheet: Housing Foreclosures a Continuing Crisis

3. Fact Sheet: Housing Foreclosures a Continuing Crisis
   

 

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