NCLR Disappointed at Senate’s Failure to Confirm Mel Watt as FHFA Director

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November 1, 2013                                                                                                Ricky Garza
                                                                                                                          rgarza@nclr.org
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WASHINGTON, D.C.—Yesterday, the Senate failed to pass the procedural vote needed to confirm Rep. Mel Watt (D–NC) as President Obama’s choice to lead the FHFA (Federal Housing Finance Agency). As an advocate for fairness in housing, NCLR (National Council of La Raza) is disappointed by this setback. 

“Our families have waited long enough for true leadership at this crucial post,” said Eric Rodriguez, Vice President of the Office of Research, Advocacy and Legislation at NCLR. “Since early in the housing crisis, Latino families have watched their neighborhoods deteriorate and their wealth vanish—a severe blow to the financial future of their children and, more broadly, the future workforce. These families deserve an effective leader such as Rep. Watt at the helm of the FHFA to revive the housing market and deliver lasting solutions.”

Rep. Watt is a proven champion for homeowners and the middle class, with 40 years of experience as a housing and finance expert. He has served 20 years on the House Financial Services Committee and has been a fierce advocate for communities of color still reeling from the ongoing foreclosure crisis by supporting principal reduction, which adjusts mortgages down to the real value of underwater homes.

Though the vote represents a setback, Rep. Watt’s prospects are far from over. Senate leadership may choose to bring Watt’s nomination up for a vote at a later date.

“Congress cannot continue to stall this vote,” Rodriguez added. “For each day the FHFA lacks a confirmed director, additional hardworking families are denied much-needed mortgage relief and a chance at reasonable and affordable lending. Our lawmakers must do what is best for this country and confirm Rep. Watt.”

NCLR—the largest national Hispanic civil rights and advocacy organization in the United States—works to improve opportunities for Hispanic Americans. For more information on NCLR, please visit www.nclr.org or follow along on Facebook and Twitter.

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