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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

 


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Wed, 05/01/2013 - 09:13 | Link to Comment venturen
venturen's picture

Long live the Brother!

Wed, 05/01/2013 - 09:16 | Link to Comment Raymond K Hessel
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.

Wed, 05/01/2013 - 09:21 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

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

Wed, 05/01/2013 - 09:25 | Link to Comment Ruffcut
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.

Wed, 05/01/2013 - 09:30 | Link to Comment Richard Chesler
Richard Chesler's picture

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

Wed, 05/01/2013 - 09:34 | Link to Comment TeamDepends
TeamDepends's picture

Affirmative Action

Wed, 05/01/2013 - 09:39 | Link to Comment Surly Bear
Surly Bear's picture

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

Wed, 05/01/2013 - 10:09 | Link to Comment Manthong
Wed, 05/01/2013 - 10:18 | Link to Comment TeamDepends
TeamDepends's picture

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

Wed, 05/01/2013 - 10:22 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

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

Wed, 05/01/2013 - 10:50 | Link to Comment CrazyCooter
CrazyCooter's picture

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

http://cdn.hark.com/swfs/player_fb.swf?pid=nvntctzvth

<grabsPopcorn/>

Regards,

Cooter

Wed, 05/01/2013 - 15:52 | Link to Comment AlaricBalth
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?

Developing.

http://www.legistorm.com/showPdf/ls_disclosure-member-2012-annual-amendment-524.pdf

http://www.accessmylibrary.com/coms2/summary_0286-5567801_ITM

http://www.churchcentral.com/article/1014/Church-buys-landmark-cafeteria-hotel-for-4-2-million

http://www.gpo.gov/fdsys/pkg/CRECB-2001-pt20/pdf/CRECB-2001-pt20-Pg28030-2.pdf

Wed, 05/01/2013 - 15:07 | Link to Comment smlbizman
smlbizman's picture

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

Wed, 05/01/2013 - 10:58 | Link to Comment Fredo Corleone
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."

http://images3.wikia.nocookie.net/__cb20090703114510/godfather/images/1/...

Wed, 05/01/2013 - 10:21 | Link to Comment tip e. canoe
tip e. canoe's picture

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

Wed, 05/01/2013 - 10:22 | Link to Comment DaveyJones
DaveyJones's picture

had the same thought

Wed, 05/01/2013 - 20:37 | Link to Comment daveO
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.

Wed, 05/01/2013 - 10:35 | Link to Comment azzhatter
azzhatter's picture

If Obama had a brother

Wed, 05/01/2013 - 09:17 | Link to Comment machineh
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.

Wed, 05/01/2013 - 09:39 | Link to Comment Eireann go Brach
Eireann go Brach's picture

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

Wed, 05/01/2013 - 09:47 | Link to Comment PiltdownMan
PiltdownMan's picture

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

Wed, 05/01/2013 - 09:47 | Link to Comment PiltdownMan
PiltdownMan's picture

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

Wed, 05/01/2013 - 10:10 | Link to Comment Panafrican Funk...
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.  

Wed, 05/01/2013 - 10:26 | Link to Comment TeamDepends
TeamDepends's picture

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

Wed, 05/01/2013 - 10:34 | Link to Comment Jekyll_n_Hyde_Island
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.

Wed, 05/01/2013 - 09:17 | Link to Comment TeamDepends
TeamDepends's picture

Make me laugh!

Wed, 05/01/2013 - 09:16 | Link to Comment Cognitive Dissonance
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.)

Wed, 05/01/2013 - 09:34 | Link to Comment disabledvet
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.

Wed, 05/01/2013 - 09:28 | Link to Comment cowdiddly
cowdiddly's picture

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

Wed, 05/01/2013 - 09:35 | Link to Comment ihedgemyhedges
ihedgemyhedges's picture

+1 for the avatar......

Wed, 05/01/2013 - 10:09 | Link to Comment Grinder74
Grinder74's picture

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

Wed, 05/01/2013 - 10:17 | Link to Comment ihedgemyhedges
ihedgemyhedges's picture

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

Wed, 05/01/2013 - 09:17 | Link to Comment topspinslicer
topspinslicer's picture

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

Wed, 05/01/2013 - 10:38 | Link to Comment azzhatter
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

Wed, 05/01/2013 - 09:21 | Link to Comment youngman
youngman's picture

Is he doing Barney Frank????

Wed, 05/01/2013 - 10:11 | Link to Comment Grinder74
Grinder74's picture

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

Wed, 05/01/2013 - 09:22 | Link to Comment topspinslicer
topspinslicer's picture

We needs more ghetto the voodoo that you do economics

Wed, 05/01/2013 - 09:26 | Link to Comment Yen Cross
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.

Wed, 05/01/2013 - 09:38 | Link to Comment imapopulistnow
imapopulistnow's picture

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

Wed, 05/01/2013 - 09:41 | Link to Comment ThisIsBob
ThisIsBob's picture

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

Wed, 05/01/2013 - 09:39 | Link to Comment krispkritter
krispkritter's picture

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

FIFY...

Wed, 05/01/2013 - 09:48 | Link to Comment imapopulistnow
imapopulistnow's picture

Btw......U one fugly monkey......

Wed, 05/01/2013 - 12:10 | Link to Comment A Nanny Moose
A Nanny Moose's picture

oh you cheeky monkeys

Wed, 05/01/2013 - 09:47 | Link to Comment kridkrid
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

Wed, 05/01/2013 - 10:31 | Link to Comment Jekyll_n_Hyde_Island
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.

Wed, 05/01/2013 - 10:33 | Link to Comment DaveyJones
DaveyJones's picture

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

Wed, 05/01/2013 - 09:39 | Link to Comment buzzsaw99
buzzsaw99's picture

Franklin Raines II

Wed, 05/01/2013 - 09:48 | Link to Comment Everybodys All ...
Everybodys All American's picture

No doubt.

Wed, 05/01/2013 - 09:54 | Link to Comment NoDebt
NoDebt's picture

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

Wed, 05/01/2013 - 10:27 | Link to Comment DaveyJones
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.....  

Wed, 05/01/2013 - 11:08 | Link to Comment Tippoo Sultan
Tippoo Sultan's picture

Word, Yen Cross.

Wed, 05/01/2013 - 11:30 | Link to Comment YHC-FTSE
YHC-FTSE's picture

Mr.Watt looks like a thalidomide case to me. I expect he will be led by big brother's helping hands to get every ebt card holder to sign on the dotted line for a dream house or two. Maybe three. 

Together with all the cash purchased real estate by the Middle and Far Easterners, expect prices to reach record highs and traders to start pimping MBS. One can only speculate which one will pop first;  student loans or mortgages. Maybe both at the same time? 

Wed, 05/01/2013 - 09:23 | Link to Comment pherron2
pherron2's picture

Picture of a smiling face that say's "I'm bout to get PAID!"

Wed, 05/01/2013 - 09:24 | Link to Comment Doubleguns
Doubleguns's picture

I love how much experience he has working through bankrupt companies and turning them around. Lots of business experience and business degrees, even some advanced business degrees. WOW this guy will blow it out of the water and get those agencys turned around pronto. /s

 

We must be at the bottom of the barrel when a congressman is the best suited person for the job. See how effectly they have turned the USA around from bankruptcy.

Wed, 05/01/2013 - 09:34 | Link to Comment Mercury
Mercury's picture

Dream maker, risk faker, wealth redistribution facilitator

Wed, 05/01/2013 - 09:28 | Link to Comment Bugsquasher
Bugsquasher's picture

Watt's district is the most Gerymandered district in the country. A political creation brought into being just to secure that this political hack has a job.  A job kissing bankster butt, a talent he perfected on the Charlotte city council.

Wed, 05/01/2013 - 09:53 | Link to Comment The Bandit
The Bandit's picture

No doubt about the ever adjusting "district" of his.  I remember looking at it before and noticing it's wide enough to jump across in places. Manages to squeeze in the metro areas pretty good though.   

http://upload.wikimedia.org/wikipedia/commons/e/e8/North_Carolina_12th_Congressional_District_%28National_Atlas%29.gif

Wed, 05/01/2013 - 10:32 | Link to Comment DaveyJones
DaveyJones's picture

so...he's the quintessential politician?

Wed, 05/01/2013 - 13:03 | Link to Comment Bugsquasher
Bugsquasher's picture

He's a bought and paid for politician.  He's been in Congresslong enough to collect a fat lifetime pension.  So now he will get a Administrative position and will soon be eligibile to collect an additional pension. He will bow and scrape and do exactly what his masters on Tryon Street tell him to do.  "Yes Masser. Just tell me how manny wothless derivitive you wants to dump on Fannie and Freddie an' weeze 'll just takes 'um right in!"

Wed, 05/01/2013 - 09:33 | Link to Comment Bugsquasher
Bugsquasher's picture

This appointment and the nomination of Charlotte's current mayor as Transportation Secretary (another never did a damn thing black professional politician) is just another payoff for the Obama worship fest that was the DNC convention in Charlotte last year.

Wed, 05/01/2013 - 12:05 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

Do these Charlotte guys have something on Obama that we don't know about?

Wed, 05/01/2013 - 13:35 | Link to Comment Bugsquasher
Bugsquasher's picture

Anthony Foxx has no qualifications what so ever for the job.  How better to turn the department into an overnight disaster?

Wed, 05/01/2013 - 09:32 | Link to Comment the not so migh...
the not so mighty maximiza's picture

you got as pulse, you got a loan!!!

Wed, 05/01/2013 - 09:36 | Link to Comment krispkritter
krispkritter's picture

If they can get dead people to vote they certainly don't need them to have a pulse to get a mortgage...

PS. What's with the blatant admission of the 'American Assassination of Justice'? Didn't think they'd be admitting that...Holder must be off his chain.

Wed, 05/01/2013 - 16:29 | Link to Comment DaveyJones
DaveyJones's picture

it does mean death contract

just never realized it referred to the entire country

Wed, 05/01/2013 - 09:41 | Link to Comment ebworthen
ebworthen's picture

"You got's a pulse, you get's da loan!" (fixed it for ya')

Wed, 05/01/2013 - 09:36 | Link to Comment Seasmoke
Seasmoke's picture

Mel Watt, is gonna pay my mortgage !

Wed, 05/01/2013 - 09:34 | Link to Comment buzzsaw99
buzzsaw99's picture

When it Raines it poors[sic].

Wed, 05/01/2013 - 09:40 | Link to Comment ebworthen
ebworthen's picture

Zandi forgot that in this world of not discriminating based on race the "brother's" stick together (discriminate).

For a while there I was worried for Bernanke they might put someone with ethics and morals in the job.

No worries Ben, MBS purchases to benefit your banker overlords may continue unabated!

Wed, 05/01/2013 - 09:38 | Link to Comment Dollar Bill Hiccup
Dollar Bill Hiccup's picture

BEE EH SEE.

 

Duh.

Wed, 05/01/2013 - 09:39 | Link to Comment Peter Pan
Peter Pan's picture

he the one who went home and proudly told his mother that he had the biggest dick out of all the kids in pre-school.

He then ssked her if that was because he was black.

She answered "no, it's because you are 12 years old."

The appointment of this man is a joke and therefore deserved the joke.

Wed, 05/01/2013 - 09:46 | Link to Comment FubarNation
FubarNation's picture

Mel Watt

 

The name sounds like and the guy looks like a used car salesman.

 

Come on down to 4th and Jackson to see "NO MONEY DOWN MEL" for your next used car or mortgage! 

Got no Money? No problem!  Just bring us anyones old pay stub or your EBT card and QUALIFY!!!

 

Obamafermative action in full force.

Wed, 05/01/2013 - 16:35 | Link to Comment DaveyJones
DaveyJones's picture

if your credit smell, talk to Mel!

 

Wed, 05/01/2013 - 09:50 | Link to Comment Peter Pan
Peter Pan's picture

He's also the scumbag that bent and twisted the bill put up by Ron Paul and Grayson for the audit of the FED and eventually got his black brothers to back him.

What a disappointment of a man. Still doing his master's bidding.

Wed, 05/01/2013 - 09:50 | Link to Comment tpgaynor
tpgaynor's picture

Prison Face!!

Wed, 05/01/2013 - 09:50 | Link to Comment Peter Pan
Peter Pan's picture

Am I imagining things or is his surname an anagram of TWAT?

Wed, 05/01/2013 - 09:53 | Link to Comment Darkside
Darkside's picture

That’s right give the job to a politician. It’s just another dumping ground for political hacks. The biggest being Homeland Security.

 

In July 2006, the Office of Personnel Management conducted a survey of federal employees in all 36 federal agencies on job satisfaction and how they felt their respective agency was headed. DHS was last or near to last in every category including;

  • 33rd on the talent management index
  • 35th on the leadership and knowledge management index
  • 36th on the job satisfaction index
  • 36th on the results-oriented performance culture index

 

4/30/2013

The Department of Homeland Security is under investigation for purchasing large stockpiles of ammunition, days before legislation was introduced that would restrict the amount a government agency can legally buy.

 

Wed, 05/01/2013 - 09:56 | Link to Comment Peter Pan
Peter Pan's picture

Spot on. Meritocracy is a concept that does not apply to appointments at a high level.

Wed, 05/01/2013 - 11:04 | Link to Comment Kobe Beef
Kobe Beef's picture

Meritocracy is another word for "disparate impact" to these clowns. 

Wed, 05/01/2013 - 11:41 | Link to Comment Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Bozo bombers have taken over key levels of almost all oversized companies and government bureaucracies.Steve Jobs love him or hate him I think he is on the money about bozo explosion and that is what we are seeing big time here.

http://www.urbandictionary.com/define.php?term=Bozo%20Bomber

Someone who enables the Bozo Explosion, either intentionally or due to their inexperience and incompetence.

The Bozo Explosion was possibly coined by Steve Jobs at Apple:

"Actually, Steve believed that A players hire A players—that is people who are as good as they are. I refined this slightly—my theory is that A players hire people even better than themselves. It’s clear, though, that B players hire C players so they can feel superior to them, and C players hire D players. If you start hiring B players, expect what Steve called “the bozo explosion” to happen in your organization." -Guy Kawasaki

 

Wed, 05/01/2013 - 09:55 | Link to Comment tip e. canoe
tip e. canoe's picture

he's in the pocket of BofA, and those who control it.   this appointment should tell you that BofA ain't gonna be the sacrificial lamb during the next culling.

Wed, 05/01/2013 - 09:56 | Link to Comment Zer0head
Zer0head's picture

This dude is okay

"On Wednesday,...Mel Watt urged coleagues to accept the recommendations of the US Sentencing Commission and eliminate the mandatory minimums for crack cocaine possession"

http://news.google.com/newspapers?id=Z_AbAAAAIBAJ&sjid=AVMEAAAAIBAJ&pg=6...

Wed, 05/01/2013 - 10:04 | Link to Comment docj
docj's picture

Which, of course, perfectly qualifies him to be the caretaker of Fannie/Freddie.

We're going to need all the crack cocaine we can get to survive the latest Summer of Recovery.

Wed, 05/01/2013 - 16:36 | Link to Comment DaveyJones
DaveyJones's picture

but mel, yes the "crack enhancements" have a 95+% impact on black defendants, I get it.

So why anything to defend "white" collar crime?

Wed, 05/01/2013 - 10:07 | Link to Comment El Diablo Rojo
El Diablo Rojo's picture

Nobody is talking about Diane Feinstein's husband getting the contract for the high speed train project.

http://www.breitbart.com/Big-Government/2013/04/30/Sen-Diane-Feinstein-s-Husband-Bags-CA-High-Speed-Rail-Construction-Contract

Same bullshit, different player. 

 

Tyler please post the cronyism on this too.

Wed, 05/01/2013 - 11:19 | Link to Comment phalfa5
phalfa5's picture

train keep a rollin'  all nite long

Wed, 05/01/2013 - 11:35 | Link to Comment Dealyer Turdin
Dealyer Turdin's picture

GAAH!!!   I finally figures it out!  She's Eric Holder's mom!  And Blum is her male clone!

A cage without a door, not a door without a cage for the world's oldest Klepto-parrot!

Wed, 05/01/2013 - 16:39 | Link to Comment DaveyJones
DaveyJones's picture

So Diane, how does it feel to be married to the Dick Cheney of Speed Rail?  Were there bids?

Wed, 05/01/2013 - 10:01 | Link to Comment youngman
youngman's picture

you can bet there are going to lower the amount of cash needed to get a loan...no money down for the "correct" tribe.....and location.....this is redistribution again....

Wed, 05/01/2013 - 10:03 | Link to Comment docj
docj's picture

Yep - Son of Subprime.

Bullish.

Wed, 05/01/2013 - 10:06 | Link to Comment tip e. canoe
tip e. canoe's picture

most likely, but they're gonna make it up by jacking up mortgage insurance premiums (actually they're already doing that).

in one end, out the other...

Wed, 05/01/2013 - 10:05 | Link to Comment Peter Pan
Peter Pan's picture

Why the need for cash?

Wed, 05/01/2013 - 10:05 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

Watt should wear a cape at his installation, with the Millenium Falcon in the background.

Wed, 05/01/2013 - 10:05 | Link to Comment tip e. canoe
tip e. canoe's picture

"This deal is getting worse all the time."

http://www.youtube.com/watch?v=WpE_xMRiCLE

Wed, 05/01/2013 - 10:19 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

+1  And this...at 6:50...

http://www.youtube.com/watch?v=ZfRHseYWQoY

Wed, 05/01/2013 - 10:34 | Link to Comment tip e. canoe
tip e. canoe's picture

haha, and this...

http://www.youtube.com/watch?v=IlR-I57nmr4

Now Available in Refundable Cans

Wed, 05/01/2013 - 10:05 | Link to Comment Never One Roach
Never One Roach's picture

another Pig in the Poke...I'm not surprised...but very sad.

Wed, 05/01/2013 - 10:08 | Link to Comment ThisIsBob
ThisIsBob's picture

Its pretty clear what the plan is - just need a house boy to oversee it.

Wed, 05/01/2013 - 10:10 | Link to Comment InTheLandOfTheBlind
InTheLandOfTheBlind's picture

does wachovia = colombians?

Wed, 05/01/2013 - 10:12 | Link to Comment musket
musket's picture

He will do exactly what he is told to do.......

Wed, 05/01/2013 - 10:12 | Link to Comment musket
musket's picture

He will do exactly what he is told to do.......

Wed, 05/01/2013 - 10:15 | Link to Comment NEOSERF
NEOSERF's picture

Expect a full return to NINJA loans later this year...

Wed, 05/01/2013 - 10:44 | Link to Comment NoWayJose
NoWayJose's picture

Here is what will happen - Fed prints money and gives it to big banks at nearly free rates, banks loan it out to everyone who can mark an X on a contract for mortgages at several times the rate that the Fed charges, big banks sell those to Fannie and Freddie under some new program designed to enrich banks and let them remove toxic loans.... But wait now... Didn't we already try this????

Wed, 05/01/2013 - 10:29 | Link to Comment Hedge Fund of One
Hedge Fund of One's picture

Looks like the evil HR boss on "Person of Interest". 

Wed, 05/01/2013 - 10:38 | Link to Comment NoWayJose
NoWayJose's picture

Well, at least the people of North Carolina came out ahead on this by opening up his seat in Congress...

Wed, 05/01/2013 - 10:38 | Link to Comment Hungrypirana
Hungrypirana's picture

I'm disappointed....Maxine Waters would have been a better choice. She has far more experience and will get the job done!

Wed, 05/01/2013 - 10:42 | Link to Comment belogical
belogical's picture

This guy is out of Charlotte, NC. That means banks, mortgage banks. BOA and WF need to dump their mortgages some place and when the second housing bubble pops, that is exactly were the issue will fall

Wed, 05/01/2013 - 10:51 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

Mel Watt? Are you fucking kidding me? He's the one that fought tooth and nail against the "Audit the Fed" (Paul/Greyson) amendment to Dodd-Frank.

Wed, 05/01/2013 - 11:27 | Link to Comment JR
JR's picture

The true purpose of the oligarchs is to rule the world under an international socialist new world order; to achieve this they consider it necessary to destroy all religions, overthrow all government, and abolish private property.

The independence and primary value of the American middle class had been in their homes. But with the rulers push for a socialized big government economic model that value has rapidly been seized by the banking establishment.

It will be Watt’s job now to increase that holding and transfer the wealth away from Americans who would have favored a free enterprise economy based on property rights and freedom.

Wed, 05/01/2013 - 11:05 | Link to Comment imapopulistnow
imapopulistnow's picture

Obama is simply following Einstein's Theory of Insanity....

Wed, 05/01/2013 - 11:07 | Link to Comment JR
JR's picture

All of the excesses and over the tops of the welfare-state, open-borders Democrat Party are coming to Fannie and Freddie.

And the new appointment to guide the GSEs is Melvin L. Watt, elected by 79.6% or 247,591 voters in one of the top ten most contorted congressional districts, as a result of redistricting – North Carolina’s 12th District - and here’s some of the data:

House Judiciary Committee

Congressman Watt serves on the House Judiciary Subcommittees on Courts and Competition Policy, the Constitution, Civil Rights, and Civil Liberties Members, and on Commercial and Administrative Law.[9] [10] [11]

January 2012

The website Open Congress tracks how often members of Congress vote with the majority of the chamber caucus. According to the website, Melvin L. Watt voted with the Democratic Party 93.7% of the time.

2012

The District 12 General Election 2012 votes was Democrat Melvin I. Watt (Incumbent) 79.6% (247,591 votes),  Republican Jack Brosch 20.4% (63,317 votes). Total vote: 310,908

And from On the Issues (excerpts):

Click here for 14 full quotes on Abortion OR background on Abortion.

  • Voted NO on banning federal health coverage that includes abortion. (May 2011)
  • Voted YES on expanding research to more embryonic stem cell lines. (Jan 2007)
  • Voted YES on allowing human embryonic stem cell research. (May 2005)
  • Voted NO on restricting interstate transport of minors to get abortions. (Apr 2005)
  • Voted NO on making it a crime to harm a fetus during another crime. (Feb 2004)
  • Voted NO on banning partial-birth abortion except to save mother’s life. (Oct 2003)
  • Voted NO on forbidding human cloning for reproduction & medical research. (Feb 2003)
  • Voted NO on funding for health providers who don't provide abortion info. (Sep 2002)
  • Voted NO on banning Family Planning funding in US aid abroad. (May 2001)
  • Voted NO on federal crime to harm fetus while committing other crimes. (Apr 2001)
  • Voted NO on banning partial-birth abortions. (Apr 2000)
  • Voted NO on barring transporting minors to get an abortion. (Jun 1999)
  • Rated 100% by NARAL, indicating a pro-choice voting record. (Dec 2003)
  • Rated 0% by the NRLC, indicating a pro-choice stance. (Dec 2006)

Click here     5 full quotes on Budget & Economy OR background on Budget & Economy.

  • Voted NO on terminating the Home Affordable mortgage Program. (Mar 2011)
  • Voted YES on $192B additional anti-recession stimulus spending. (Jul 2009)
  • Voted YES on modifying bankruptcy rules to avoid mortgage foreclosures. (Mar 2009)
  • Voted YES on additional $825 billion for economic recovery package. (Jan 2009)
  • Voted YES on monitoring TARP funds to ensure more mortgage relief. (Jan 2009)
  • Voted YES on $15B bailout for GM and Chrysler. (Dec 2008)
  • Voted YES on $60B stimulus package for jobs, infrastructure, & energy. (Sep 2008)
  • Voted YES on defining "energy emergency" on federal gas prices. (Jun 2008)
  • Voted YES on revitalizing severely distressed public housing. (Jan 2008)
  • Voted YES on regulating the subprime mortgage industry. (Nov 2007)
  • Voted NO on restricting bankruptcy rules. (Jan 2004)
  • Get minorities into home ownership & global marketplace. (Jan 2001)
  • Member of House Banking Committee. (Mar 2011)
  • Increase debt limit from $14.3 trillion to $16.7 trillion. (Jul 2011)
  • Ban abusive credit practices & enhance consumer disclosure. (Feb 2009)

Click here for 18 full quotes on Civil Rights OR background on Civil Rights.

  • Voted YES on prohibiting job discrimination based on sexual orientation. (Nov 2007)
  • Voted NO on Constitutionally defining marriage as one-man-one-woman. (Jul 2006)
  • Voted NO on making the PATRIOT Act permanent. (Dec 2005)
  • Voted NO on Constitutional Amendment banning same-sex marriage. (Sep 2004)
  • Voted NO on protecting the Pledge of Allegiance. (Sep 2004)
  • Voted NO on constitutional amendment prohibiting flag desecration. (Jun 2003)
  • Voted NO on banning gay adoptions in DC. (Jul 1999)
  • Voted NO on ending preferential treatment by race in college admissions. (May 1998)
  • Ending racial profiling is part of fight for justice. (Jan 2001)
  • Constitutional Amendment for equal rights by gender. (Mar 2001)
  • Require "Privacy Impact Statement" on new federal rules. (Apr 2002)
  • Rated 93% by the ACLU, indicating a pro-civil rights voting record. (Dec 2002)
  • Issue a commemorative postage stamp of Rosa Parks. (Dec 2005)
  • Rated 63% by the HRC, indicating a mixed record on gay rights. (Dec 2006)
  • Rated 100% by the NAACP, indicating a pro-affirmative-action stance. (Dec 2006)
  • Constitutional Amendment for women's equal rights. (Jun 2011)
  • Re-introduce the Equal Rights Amendment. (Mar 2007)
  • Honor the 100th anniversary of the NAACP. (Jan 2009)

Click here for 7 full quotes on Corporations OR background on Corporations.

  • Voted YES on letting shareholders vote on executive compensation. (Jul 2009)
  • Voted YES on more funding for nanotechnology R&D and commercialization. (Jul 2009)
  • Voted YES on allowing stockholder voting on executive compensation. (Apr 2007)
  • Voted YES on replacing illegal export tax breaks with $140B in new breaks. (Jun 2004)
  • Voted NO on Bankruptcy Overhaul requiring partial debt repayment. (Mar 2001)
  • Require Code of Conduct for US corporations abroad. (Aug 2001)
  • Rated 21% by the US COC, indicating an anti-business voting record. (Dec 2003)

Click here for 4 full quotes on Families & Children OR background on Families & Children.

  • Voted YES on four weeks of paid parental leave for federal employees. (Jun 2009)
  • Voted NO on establishing nationwide AMBER alert system for missing kids. (Apr 2003)
  • Voted NO on reducing Marriage Tax by $399B over 10 years. (Mar 2001)
  • Rated 7% by the Christian Coalition: an anti-Family-Value voting record. (Dec 2003)

Click here for 4 full quotes on Gun Control OR background on Gun Control.

  • Voted NO on prohibiting product misuse lawsuits on gun manufacturers. (Oct 2005)
  • Voted NO on prohibiting suing gunmakers & sellers for gun misuse. (Apr 2003)
  • Voted NO on decreasing gun waiting period from 3 days to 1. (Jun 1999)
  • Rated F by the NRA, indicating a pro-gun control voting record. (Dec 2003)

Click here for 25 full quotes on Health Care OR background on Health Care.

  • Voted NO on the Ryan Budget: Medicare choice, tax & spending cuts. (Apr 2011)
  • Voted NO on repealing the "Prevention and Public Health" slush fund. (Apr 2011)
  • Voted YES on regulating tobacco as a drug. (Apr 2009)
  • Voted YES on expanding the Children's Health Insurance Program. (Jan 2009)
  • Voted YES on overriding veto on expansion of Medicare. (Jul 2008)
  • Voted YES on giving mental health full equity with physical health. (Mar 2008)
  • Voted YES on Veto override: Extend SCHIP to cover 6M more kids. (Jan 2008)
  • Voted YES on adding 2 to 4 million children to SCHIP eligibility. (Oct 2007)
  • Voted YES on requiring negotiated Rx prices for Medicare part D. (Jan 2007)
  • Voted NO on denying non-emergency treatment for lack of Medicare co-pay. (Feb 2006)
  • Voted NO on limiting medical malpractice lawsuits to $250,000 damages. (May 2004)
  • Voted NO on limited prescription drug benefit for Medicare recipients. (Nov 2003)
  • Voted YES on allowing reimportation of prescription drugs. (Jul 2003)
  • Voted NO on small business associations for buying health insurance. (Jun 2003)
  • Voted NO on capping damages & setting time limits in medical lawsuits. (Mar 2003)
  • Voted NO on allowing suing HMOs, but under federal rules & limited award. (Aug 2001)
  • Voted NO on subsidizing private insurance for Medicare Rx drug coverage. (Jun 2000)
  • Voted NO on banning physician-assisted suicide. (Oct 1999)
  • Voted NO on establishing tax-exempt Medical Savings Accounts. (Oct 1999)
  • Increase funding for AIDS treatment & prevention. (Jan 2001)
  • More funding for Rx benefits, community health, CHIPs. (Jan 2001)
  • MEDS Plan: Cover senior Rx under Medicare. (Jan 2001)
  • Rated 100% by APHA, indicating a pro-public health record. (Dec 2003)
  • Expand the National Health Service Corps. (Mar 2009)
  • Make health care a right, not a privilege. (Nov 1999)

Click here for 7 full quotes on Immigration OR background on Immigration.

  • Voted NO on building a fence along the Mexican border. (Sep 2006)
  • Voted NO on preventing tipping off Mexicans about Minuteman Project. (Jun 2006)
  • Voted NO on reporting illegal aliens who receive hospital treatment. (May 2004)
  • Voted YES on extending Immigrant Residency rules. (May 2001)
  • Voted YES on more immigrant visas for skilled workers. (Sep 1998)

Rated 21% by the US COC, indicating an anti-business voting record. (Dec 2003)

Rated 0% by FAIR, indicating a voting record loosening immigration. (Dec 2003)

Rated 0% by USBC, indicating an open-border stance. (Dec 2006)

Rated 100% by the AFL-CIO, indicating a pro-union voting record.

Rated 100% by the AU, indicating support of church-state separation. (Dec 2006)

Rated 25% by NTU, indicating a "Big Spender" on tax votes. (Dec 2003)

Rated 83% by the CTJ, indicating support of progressive taxation. (Dec 2006)

Click here for 6 full quotes on Welfare & Poverty OR background on Welfare & Poverty.

  • Voted YES on instituting National Service as a new social invention. (Mar 2009)
  • Voted YES on providing $70 million for Section 8 Housing vouchers. (Jun 2006)
  • Voted NO on promoting work and marriage among TANF recipients. (Feb 2003)
  • Voted NO on treating religious organizations equally for tax breaks. (Jul 2001)
  • Voted NO on responsible fatherhood via faith-based organizations. (Nov 1999)
  • Reduce the concentration of wealth & wage inequality. (Nov 1999)

http://www.ontheissues.org/NC/Mel_Watt.htm

Wed, 05/01/2013 - 11:23 | Link to Comment waterhorse
waterhorse's picture

Are you a holy roller?

Wed, 05/01/2013 - 12:00 | Link to Comment JR
JR's picture

Does your question imply that you do not comprehend the seriousness of this crisis and the depravity of forces that would put this man in a position of American economic destruction?

Romney, perhaps, would have given continued power to the banking cartel and those who would make more war. But with Obama, we receive continued and expanded power for the banking cartel, plus the communist overhaul of private property, free enterprise rights and a radical acceleration of Leftist social ideology.

It takes more than a holy roller to recognize the danger we're in; what kind of roller are you?

 

Wed, 05/01/2013 - 11:15 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

I would rather they be managed by a formula.  People only corrupt things

Wed, 05/01/2013 - 11:38 | Link to Comment yellowsub
yellowsub's picture

Another ass clown that we dont' need.

Wed, 05/01/2013 - 11:42 | Link to Comment koaj
koaj's picture

correct me if im wrong, but didnt mel watt hold up the audit the fed bill a few years back?

 

also, he represents charlotte NC which is wall street south and home to Bank of Amerill Lynch CountryWide

 

fuckers

Wed, 05/01/2013 - 12:41 | Link to Comment de3de8
de3de8's picture

Yep, ever since the " mortgage forgiveness" was floated years ago, don't think that just because it's been shot down every time up to now that it's not coming. Like every other reg/law/ruling/etc. eventually it comes, like it or not. This one no exception.

Wed, 05/01/2013 - 12:59 | Link to Comment pine_marten
pine_marten's picture

I think I bought an after-market extended warranty for my Dodge Town & Country from that guy.  He is really moving up in the world..........

Wed, 05/01/2013 - 14:29 | Link to Comment earnyermoney
earnyermoney's picture

This guy is exhibit A of jerrymandered congressional districts. When the red team had control of both state houses they created a congressional distict consisting of all the poor black neighborhoods along I-85. Now that the blue team controls both state houses for the first time in the state's history, Mel could see the writing on the wall. Time to cash in his chips as a Wall Street shill. Sadly none of his constituents have a clue.

Wed, 05/01/2013 - 16:28 | Link to Comment Anonymouse
Anonymouse's picture

Mel Watt is the greatest congressman ever elected by the great state of I-85.

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