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Release: Mel Watt Unfit to Serve

 

Release: Mel Watt Unfit to Serve

SPRINGFIELD, Virginia - Campaign for Liberty today called on the Senate Banking Committee to reject the nomination of Congressman Mel Watt (D-NC) to head the Federal Housing Finance Authority (FHFA).

As a result of Congressman Watt’s Pathways to Homeownership, which encouraged home ownership among welfare recipients, partially subsidized by Charlotte taxpayers, as well as his support of policies forcing federal agencies to provide home loans to otherwise unqualified borrowers, the city of Charlotte experienced a foreclosure rate more than twice the national average.  CNN would ultimately list Charlotte as among the top five hardest hit cities for foreclosures during the financial crisis.

In addition, Congressman Watt is a fierce opponent of Federal Reserve transparency, having even attempted to gut widely popular Audit the Fed legislation in committee during the 111th Congress.

“President Obama is ignoring economic reality in his nomination of Congressman Watt,” said C4L President John Tate. “The housing crisis, which has devastated millions of American families as well as the broader US economy, was caused in part by the kind of policies directly championed by Congressman Mel Watt.

“If confirmed, it is clear he will continue the same practices that helped lead to one of the worst economic crises in our nation’s history.  Our country cannot afford more of the same as it still struggles to recover.  Mel Watt is unfit to serve the American people in this capacity, and I strongly urge the Senate Banking Committee to reject Congressman Watt’s nomination to this position.”

More information about why Congressman Watt is unfit to serve as head of the FHFA can be found HERE.

 

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