Pursuits
Watt Pursues Fannie-Freddie Overhaul Blocked by Senator
This article is for subscribers only.
Senator Richard Shelby’s declaration Wednesday that Fannie Mae and Freddie Mac will likely remain in U.S. conservatorship shifts the task of reducing taxpayer mortgage risk mostly to one man: Mel Watt.
Shelby, an Alabama Republican, controls the fate of housing bills as chairman of the Banking Committee. He said he wouldn’t support replacing the two U.S.-controlled companies with a system that includes explicit government backing for mortgages.