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DS News: Mel Watt Sworn in as FHFA Director
After months of contentious debate, the Federal Housing Finance Agency (FHFA) finally has a new director. Mel Watt, the former democratic North Carolina senator, was sworn in Monday to a five-year term as the first Senate-confirmed director of the FHFA. Anthony Foxx, the U.S. Secretary of Transportation and former mayor of Charlotte, North Carolina administered the oath.
FHFA was created by the Housing and Economic Recovery Act of 2008 to oversee Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks and is responsible for oversight of the $5.5 trillion mortgage finance market. Read more in DS News.