ACU LETTER TO U.S. SENATORS OPPOSING NOMINATION OF MEL WATT
Published: October 30, 2013
Contact: Laura Rigas, (202) 347-9388, [email protected]
Washington, D.C. -- Today the following letter was sent to U.S. Senators on the nomination of Mel Watt as Director of the Federal Home Finance Agency.
On behalf of the American Conservative Union, I urge you to oppose cloture on the nomination of Mel Watt as Director of the Federal Housing Finance Agency.
At a time when the Congress is considering long overdue reform of Fannie Mae and Freddie Mac, we should not have as the conservator of these GSE’s someone who has repeatedly opposed reform. Before the financial collapse of the GSE’s in 2008 that led to a massive taxpayer bailout, Congressman Watt supported housing initiatives that required down payments as low as $1,000 that inevitably resulted in high default rates and financial instability for the GSE’s.
Since the GSE bailout, Congressman Watt has been a leading supporter of “principle writedown,” in effect allowing the government to cancel some or all of a homeowner’s principal payment, even though the Acting Director of the FHFA, Ed DeMarco said this would make not make a meaningful improvement in foreclosure rates. As FHFA Director, Watt would be in a position to implement these unsound policies.
If we are to make meaningful reforms to Fannie Mae and Freddie Mac, the last thing we need is a Director of the FHFA who would fight those reforms. Please vote “NO” on cloture for the nomination of Mel Watt.
Director of Government Relations
The American Conservative Union
Founded in 1964, the American Conservative Union (ACU) is the oldest and largest grassroots conservative organization in the nation. For almost fifty years, the ACU has served as an umbrella organization harnessing the collective strength of conservative organizations fighting for Americans who are concerned with liberty, personal responsibility, traditional values and strong national defense.