Release Date: May 1, 2013
Contact: Andrew DeSouza, 202.962.7390, email@example.com
SIFMA Statement on Nomination of Rep. Mel Watt to Head FHFA
Washington, D.C., May 1, 2013-SIFMA today released the following statement from Acting President and CEO Kenneth E. Bentsen, Jr. after President Barack Obama nominated Representative Mel Watt (D-NC) to be Director of the Federal Housing Finance Agency (FHFA).
"We congratulate Congressman Watt on his nomination to lead the FHFA. If confirmed in that role, Congressman Watt would be a key player in housing-related issues that are critical to our nation's economy.
"Our housing finance system has a long history of helping Americans purchase homes and significantly contribute to our nation's economic growth and prosperity. That system is in need of reform, including the government sponsored enterprises Fannie Mae and Freddie Mac. We look forward to working with Mr. Watt in moving forward on reform that reduces risk to the taxpayer and revitalizes private label securitization markets.
"Additionally, we call on Mr. Watt to explicitly address the continued threat to the return of private capital to mortgage markets by proposals to use eminent domain to seize mortgage loans. As we have said, we believe this unprecedented use of eminent domain would cause severe damage to struggling housing markets, impede the return of private sector funding for mortgage lending, bring risk to taxpayers and is likely unconstitutional on its face. The continued persistence of these proposals requires a federal response."
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.