Although several news reports have put the odds of Rep. Mel Watt's confirmation as the director of the Federal Housing Finance Agency at 50% or less, the North Carolina congressman's senate hearing could reveal more details about the Obama Administration's plans for housing finance reform.
CUNA Senior Vice President of Legislative Affairs Ryan Donovan said he thinks Watt will get a hearing, and the process could "have some impact in the short term on housing finance reform."
The North Carolina Democrat has previously supported so-called mortgage cramdown legislation that would force lenders to accept mortgage principal reductions in bankruptcy proceedings: he was an original co-sponsor of a mortgage cramdown bill in 2007 and voted in favor of Rep. John Conyers, Jr.'s (D–Mich.) cramdown bill that passed the house in 2009 but was killed in the Senate.
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