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Obama Chooses Watt to Lead Fannie Mae Regulator

President Barack Obama nominated Representative Mel Watt to be director of the Federal Housing Finance Agency after months of political pressure from consumer advocates to find a new overseer for Fannie Mae and Freddie Mac.

Watt, a North Carolina Democrat whose appointment must be confirmed by the Senate, would replace Edward J. DeMarco, whose tenure as FHFA acting director has been embraced by Republicans and faulted by housing activists who accuse him of blocking debt reduction for some troubled borrowers.