Obama Weekly Address

George Wenschhof



President Obama urged  Congress to confirm his nomination of Rep. Mel Watt (D-N.C.), whom he recently tapped to be the new director of the Federal Housing Finance Agency (FHFA).

If confirmed, Watt would take over the agency tapped with steering housing giants Fannie Mae and Freddie Mac, but he already is facing staunch Republican opposition, who view Watt as a political nomination rather than someone picked for his expertise.

The president also called on Congress to pass a long-ignored proposal from the White House that would make it easier for homeowners current on their payments to refinance their mortgages and take advantage of current low interest rates.

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