The Next Head of Fannie and Freddie

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Now that GSEs Fannie and Freddie are basically government agencies, they are run by FHFA, the GSE regulator. And it looks like the next head of FHFA will be Mel Watt, the Congressman who gutted Ron Paul’s Audit the Fed legislation. According to Bloomberg:

Paul, a member of the House Financial Services Committee, said Mel Watt, a Democrat from North Carolina, has eliminated “just about everything” while preparing the legislation for formal consideration. Watt is chairman of the panel’s domestic monetary policy and technology subcommittee.

Keith Kelly, a spokesman for Watt, declined to comment and said Watt wasn’t immediately available for an interview. Watt’s district includes Charlotte, headquarters of Bank of America Corp., the biggest U.S. lender.

Protecting the Fed has many benefits in DC.

12:26 pm on May 1, 2013