Mel Watt turns out to be astounding political turn for the better for mortgage credit

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Ever since 2008 the Obama administration has gotten everything wrong on housing. Its primary focus was to keep people in houses they demonstrably could not afford, and then to waste time and priority pursuing reductions in loan principal.

The appointment of Mel Watt as head of Fannie Mae and Freddie Mac’s federal regulator is an astounding political turn for the better for mortgage credit.