Barbara Boxer: “as critical decisions are being made about the future of the housing finance system, it is time that we place permanent…”

“as critical decisions are being made about the future of the housing finance system, it is time that we place permanent leadership at the head of the Federal Housing Finance Agency, FHFA. Congressman Mel Watt has both the experience and the expertise to help create a system that ensures access to safe and affordable credit and other housing options for all Americans. Congressman Watt brings with him over 40 years of experience in housing, real estate, and other financial services issues. From 1970 to 1992, he ran a law practice focusing on business, real estate, municipal bonds, and community development, learning the details of housing finance from the ground level. He was first elected to represent the 12th district of North Carolina in 1992 and has served over 20 years on the House Financial Services Committee. In addition, his work on the House Subcommittees on Capital Markets and Government Sponsored Enterprises, and on Financial Institutions and Consumer Credit has given him the necessary policy expertise to run the agency that oversees Fannie Mae and Freddie Mac. Congressman Watt's experience and expertise made him one of the first policymakers to recognize how predatory underwriting practices were threatening the larger housing market and economy as a whole. Years before the foreclosure crisis began, Congressman Watt, along with Congressman Brad Miller, introduced the Prohibit Predatory Lending Act in 2004.…”