Long-time Charlotte congressman Mel Watt has been sworn in as the first permanent director of the Federal Housing Finance Agency, the regulator said Monday. He takes over the primary agency overseeing mortgage giants Fannie Mae and Freddie Mac, and one that lies at the crux of housing policy in the U.S.
“Today’s housing finance system is one of the keys to our economic recovery and I am grateful for the opportunity to help develop a strong foundation for moving this system forward for the benefit of all Americans at this critical point in our nation’s history," Watt said in a statement.
Watt was sworn in by Anthony Foxx, the former Charlotte mayor who is now U.S. Secretary of Transportation. He will serve a five-year term.
North Carolina Gov. Pat McCrory is expected to pick a date today for the election to fill Watt's seat in the 12th District, which runs in a crescent from uptown Charlotte to Greensboro.
Photo is courtesy Paul Morse and the FHFA.
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