Mel Watt Sworn In as New Fannie, Freddie Regulator

The new Federal Housing Finance Agency director, Mel Watt, is expected to assemble a small team of advisers that will assist him during a transition period.

Names of possible transition members are being considered and will likely be finalized soon.

The veteran congressman is now the chief regulator of Fannie Mae and Freddie Mac, which are in conservatorship, as well as the Federal Home Loan Bank System.

“I am honored to serve as director of the Federal Housing Finance Agency,” said Watt at his swearing-in ceremony Monday.

“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,” he said.

Watt takes over from Edward DeMarco who served as the acting FHFA director for over four years. Watt praised the acting director for his service at the swearing-in ceremony and DeMarco received a standing ovation. DeMarco has not announced his plans. But some expect he will leave the agency once Watt settles into his new post.

Rep. Watt, D-N.C., has served in Congress for over 20 years. He was a senior member of the House Financial Services Committee that approved legislation creating the FHFA in 2008 to strengthen regulation of the GSEs.