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April 15, 2014

Housing industry asks $5 trillion question: what does Watt want?

“The U.S. housing industry has waited three months to find out how Mel Watt will govern taxpayer-owned mortgage companies Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), and has been frustrated by his silence.

“The former 11-term congressman from North Carolina, who took over the agency that oversees the two enterprises in January, has not delivered an annual strategic plan, which would usually be public by now.

“We have yet to see or hear Watt’s vision for housing finance,” said Clifford Rossi, a former banker and risk executive at Freddie Mac who is now a finance professor at the University of Maryland. “He is still getting up to speed.”

“Not only has Watt’s reticence surprised the industry, but it has disappointed some lawmakers who had hoped for guidance on housing legislation.”

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Read full Reuters article here.

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