STATEMENT BY DONNELL SPIVEY President, National Association of Real Estate Brokers (NAREB) on the Confirmation of Mel Watt as the new Director of the Federal Housing Finance Agency (FHFA)

11 Dec, 2013, 17:07 ET from The National Association of Real Estate Brokers

WASHINGTON, Dec. 11, 2013 /PRNewswire/ -- The National Association of Real Estate Brokers (NAREB) applauds the confirmation by the U.S. Senate of former Congressman Mel Watt as the new director of the Federal Housing Finance Agency (FHFA).  The importance of his appointment cannot be overstated.  We believe the wisdom demonstrated by President Obama in selecting Mr. Watt for this position, signals a return to the founding missions of the two government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, established to enhance the availability of credit for affordable home purchase.

Mr. Watt takes the helm of FHFA at a critical moment.  While the nation's economic turmoil appears to be ebbing, countless Americans in general, and minorities in particular, have lost their homes, or believe they can no longer afford to purchase a home.  NAREB whose mission is Democracy in Housing advocates for fairness in the marketplace and is counting on a chief regulator who understands the balance that must be kept to ensure the safety and the stability of the capital marketplace, but also the obligation to protect and preserve the right of affordable and sustainable homeownership for all of our Americans. 

NAREB's congratulations are based upon Mr. Watt's 20-year track record as a member of the U.S. House of Representatives' Financial Services Committee where he stood as a strong and constant voice for affordable housing.  We also applaud his record of protecting consumers against abusive financial practices, and his unwavering push against deceptive mortgage products. 

With this as backdrop, NAREB extends our unqualified support for Mel Watt as the new top housing regulator as head of FHFA. We believe he is the right person at the right time with the full vision to bring back into balance the FHFA mission to "ensure that the housing GSEs operate in a safe and sound manner so that they serve as a reliable source of liquidity and funding for housing finance and community investment."

More information at:

SOURCE The National Association of Real Estate Brokers