Melvin L. Watt, appeared before the House Financial Services
Committee on Tuesday, his first such appearance since he became director of the
Federal Housing Finance Agency (FHFA) a year ago. Watt, in his prepared remarks, recounted to committee
members some of the efforts of FHFA over the past year and its plans for the
next few. FHFA is regulator of the
Federal Home Loan Banks and both regulator and conservator of the two
government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.
The majority of Watt’s testimony concerned the GSEs He said his agency had acted consistently
over the past year to ensure their safety and soundness and to make sure they both
provide liquidity to the housing markets and meet their obligations to homeowners
as specified by the Emergency Economic Stabilization Act of 2008 (EESA).