In Whose Pocket Is The New Head Of Fannie And Freddie?

Tyler Durden's picture

Following the earlier reported devastating news for Mark Zandi fans (all one of them, including Mr. Zandi himself) that the Moody's economist/ADP seasonal adjuster, will not be the next head of the GSEs, and instead that privilege will go to North Carolina Democrat Mel Watt, we decided to take a quick look in whose pocket the career Congressman (elected into congress in 1992) truly lies. We are delighted to announce that with Mr. Watt's lobbying dollars coming almost exclusively from Wall Street, Lawyers/Law Firms, and Labor Unions, the $7+ trillion in US mortgages, and sole source of mortgage creation in the US, is in "very good", if just a little conflicted and quite socialist, hands. Mortgage forgiveness-demanding, crony capitalist comrades of the world, unite! (while charging $1000/hour)

Mel Watt's biggest career contributors by industry:

Mel Watt's biggest career contributors by company:

Source: OpenSecrets

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
venturen's picture

Long live the Brother!

Raymond K Hessel's picture

Boy, do I hope this guy lives up to his full potential.  By full potential, I mean ass and mouth rape residential real estate.

GetZeeGold's picture



He kinda looks like Eddie Murphy.....let's hope he's that smart.

Ruffcut's picture

watt's his name? never heard of em.

Sure he won't be half assed, but full ass stoopid like the rest fo the bunch.

Richard Chesler's picture

Why does he look like a corrupt aparatchik from a third world country?.

Surly Bear's picture

The goal is to keep it all going. Nobody gets paid if it all stops.... /sarc

TeamDepends's picture

And Trayvon could have been his son.  These are troubling times.

Buckaroo Banzai's picture

Remember how great things turned out the last time we had a black guy in charge of Fannie?

CrazyCooter's picture

I feel like an orphan in a movie that ends badly ...




AlaricBalth's picture

Congressman Melvin Watt lists on an amended August 2012 financial disclosure statement that he is a 25% owner and a Director of Westside 2000, Ltd., showing a reported value of $15,000-$50,000. This partnership also lists former Charlotte NC mayor Harvey Gantt and prominent NC attorney John W. Gresham as being involved, among others.

Westside 2000, Ltd owns a number of real estate parcels according to Mecklenberg County public records, a few unencumbered by debt. In 1997, the group bought a landmark Charlotte property for $2,000,000 and sold it six years later for $4,200,000. It was sold to a controversial church group called United House of Prayer under the entity Madison Saints Paradise, LLC.

My question to Congressman Watt is, why do you place such a low value range on a partnership which clearly has assets that are worth in excess of your disclosure? As a follow up, what is your relationship with UHOP, which has vast holdings in real estate?


smlbizman's picture

i have watched this guy...the only person dumber them him is maxine waters

Fredo Corleone's picture

"I need, Don Watteone, all of those Wall Street bankers and NAR 'economists' that you carry around in your pocket, like so many nickels and dimes."

tip e. canoe's picture

no /sarc necessary.   that's exactly the prime motivation for keeping it all going.

daveO's picture

Exactly, his district was the most gerrymandered of our time, at one point it was no wider than the interstate highway, which it followed from one urban area to the next. He is the poster child for corruption.

machineh's picture

He's an Oreobama clone.

Looks like a bruthuh on the outside, but his mind is controlled by Da Man.

James Brown's Revolution of the Mind never reached this banksta errand boy.

Eireann go Brach's picture

Obama, Holder, this guy? The brothers ain't painting a good picture of the brothers!

PiltdownMan's picture

Mel was a member of the CONGRESSIONAL BLACK CAUCUS He is all for opening the floodgates .. again. Mega sleeze!!

PiltdownMan's picture

Mel was a member of the CONGRESSIONAL BLACK CAUCUS He is all for opening the floodgates .. again. Mega sleeze!!

Panafrican Funktron Robot's picture

Looking forward to being able to buy a house without documentation for zero down and only $199 a month.  200 year lease.  

TeamDepends's picture

Don't forget the cash (foodstamps)-back incentive at closing!

Jekyll_n_Hyde_Island's picture

I can hear it now.  "Democrats revitalize stagnant ownership statistics with housing campaign to feed and house the homeless -- "houses for the unemployed" program a huge smash."  NEW GSE's Joker Mae and UHA (Underprivelaged Housing Administration) announced.

Cognitive Dissonance's picture

I am certain that once he is placed in his new position he will be fair and just in all his actions.

/sarc (just in case it wasn't obvious.)

disabledvet's picture

Snark aside "the squid pro quo" for winning the cold war was "the Internet." in other words CD you and the rest of you wonderfully backassed cretins "the deal was cut...but the Government...we the people" got screwed. Think of the sacrifice during the Cold War folks...have we blown that victory already? Doesn't look pretty to me...and ominous signs from the Middle East. We still haven't had our whoops moment.

cowdiddly's picture

Looks like Holder- yet another backdoor dealing Inaction  Jackson. Subprime loans to the whole Tribe with preinstalled Obamaphones, WE ARE  SAVED

Grinder74's picture

Hey, where'd you get that picture of my wife and her sister???

ihedgemyhedges's picture

Word on the street is he got it personally from them after the happy endings........

topspinslicer's picture

The question that needs an answer IS HE A GAYBOB??

azzhatter's picture

This assclown probably is in a gay marriage, owns no guns, has several illegal immigrants on his payroll, loves abortions, and is only interested in doing god's work. Well qualified

youngman's picture

Is he doing Barney Frank????

Grinder74's picture

Jeez, would you learn how to spell? It's Bawny Fwankththtp.

topspinslicer's picture

We needs more ghetto the voodoo that you do economics

Yen Cross's picture

     This f**king guy is going to take subprime to a whole new level. Get ready for the mother of all bubbles in R/E.

imapopulistnow's picture

Obama's total and complete inability to understand money and the economy just continues to amaze.

ThisIsBob's picture

Well in all fairness, his economic experience was limited to reviewing his checking account balance on line.

krispkritter's picture

 'Obama's total and complete ability to understand his orders to destroy "money" and  the economy just continues to amaze.'


kridkrid's picture

What does Obama have to do with anything? The oligarchs understand money quite well. What we call money is debt that is loaned into existence with interest. Like any basic Ponzi scheme, the next round of debt must be larger than the one before it. Every sector must do their part. Apple is playing ball. Joe six pack is back on the horse. GSEs, all levels of govt, corporations, etc. Everyone is "all in". Someday this war is going to end

Jekyll_n_Hyde_Island's picture

On the bright side of things, maybe this catfish will work to abolish/reform Dodd-Frank.  He's got the banksters perdigree in spades.

DaveyJones's picture

isn't that exactly what the product placement boys want?

NoDebt's picture

Yen- I was trying very hard not to think that.  Then you said it and, well, there it is.

DaveyJones's picture

jesus, I thought we already went through one

it'll be intersting to see that criminal market manipulation fighting against the joke of an economy where the no one can afford these things, afford to drive to these things, afford to pay taxes on these things, afford to expect appreciation on these things.....