Is Mel Watt in Over His Head?

The Troll has just read a piece at Rueters written by Margaret Chadbourn regarding the inaction of Mel Watt the newly appointed director of the Federal Housing Finance Agency (FHFA). The link is here http://www.reuters.com/article/2014/04/14/us-usa-housing-regulator-idUSBREA3D0NA20140414 .

As you know, the Troll has been an advocate for Mel Watt being named the director of the FHFA. At the moment the Troll is beginning to doubt his own optimism. The silence from the leader of Fannie Mae and Freddie Mac is speaking volumes.

In the article the author makes some significant observations. One is that Mel Watt has been completely silent. There has been nothing from him regarding any assistance becoming available to the 7-10 million homeowners currently underwater on their mortgages. These folks are the unlucky ones that have loans not backed by Fannie Mae or Freddie Mac. Director Watt is quoted in the article saying he is “meeting all day and reading all night”. You would think by now he would have something to say.

Conversely, in Oregon there is a program that has been expanded nicknamed the Merkly Mortgage (named after the Senator) that is assisting those with loans not backed by Fannie or Freddie. You should Google it.  The question must be asked, why can’t the director of the monstrosities that are Fannie Mae and Freddie Mac put together a program that can assist these types of loans and the State of Oregon can? If you are one of these people or someone who cares about the well being of other Americans hurt by the Credit Crisis/Great Recession make your voices heard. You can contact FHFA Director Mel Watt directly at director@fhfa.gov or 202.649.3800. You should also contact your representatives in Congress to voice your displeasure. Don’t be satisfied with a canned auto response, follow up with a phone call. It’s up to us to help ourselves.

UPDATE

MEL WATT DOES NOT HAVE THE BACKBONE TO HELP MILLIONS OF AMERICANS CURRENTLY UNDERWATER ON THEIR MORTGAGES. MEL WATT SHOULD STEP DOWN…

The Troll

 

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