Efforts to confirm long-time Charlotte congressman Mel Watt as the head of the agency overseeing Fannie Mae and Freddie Mac were dealt a major setback Thursday after Republicans blocked a key vote in the Senate.
The White House, however, indicated that it has not yet given up on seeing Watt, an 11-term Democratic representative, lead the Federal Housing Finance Agency.
President Barack Obama nominated Watt in May. Industry experts said they expected Watt would bring a consumer-advocacy focusto the job, which has up to now been focused mainly on dealing with billions in dollars of losses after the financial crisis.
Republicans have called Watt too political, and conservative groups have attacked his support for government involvement in the housing industry. Read more here.