Filling you in on Watt
To the Editor:
Ever hear of Mel Watt?
He was appointed by our president as the director of the Federal Housing Finance Agency on Jan 6. This agency oversees Freddie Mac and Fannie Mae. Mr. Watt is most famous for being the chairman of the Congressional Black Caucus and one of the architects of the housing market meltdown.
Yeah, he and Barney Frank, who should be doing hard time right now, spearheaded the blocking of the 2003 Fannie and Freddie reform effort. Yes, those were the days when Frank testified to the solvency of Freddie and Fannie more than once. Everyone on Earth now knows what happens when people are placed in houses they cannot afford.
Well, maybe not. Watt has made it very clear that he intends to pursue the exact same failed experiment that he was promoting as late as 2007. Even before he was confirmed by our hapless Senate, he vowed to stop the planned increases in mortgage fees that were designed to wean the mortgage market off government subsidies.
Watt also wants to forgive the debts of underwater homeowners and reinstate the exact same lending practices he promoted for welfare recipients.
Now where are the voices that vehemently criticized the formulation of this economic miracle before? Once again, like the war on poverty, we will be forced to watch the definition of insanity play out.
Yep, we will do the same things over and over and expect different results.