NCRC Applauds Nomination of Mel Watt to Head FHFA

Washington, DC – Today, the National Community Reinvestment Coalition applauded the nomination of Representative Mel Watt to lead the Federal Housing Finance Agency (FHFA).

NCRC President and CEO John Taylor made the following statement:

“Mel Watt is an excellent choice to lead the FHFA. He is well qualified and sure to be a strong leader for the agency. We urge the Senate to swiftly move to confirm him.”

“With Mel Watt as FHFA Director, the President would finally have a leader in that agency who will be a member of the team and do what is best for American taxpayers and homeowners. For too long FHFA’s Acting Director, Ed DeMarco, has obstructed recovery in the housing market by refusing to allow principal reductions at the Government Sponsored Enterprises (GSEs). He must be replaced. Principal reductions at the GSEs will accelerate the rise in property values and help to stabilize the housing market.”

In August of 2012, NCRC and hundreds of community organizations sent a letter to the White House calling on President Obama to recess appoint an FHFA Director.

About the National Community Reinvestment Coalition (NCRC): The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.

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