U.S. Senate GOP blocks Obama's pick to head housing agency

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WASHINGTON, Oct. 31 -- U.S. Senate Republicans on Thursday blocked President Barack Obama's nomination to head the Federal Housing Financial Agency (FHFA) that oversees Fannie Mae and Freddie Mac.

All but two Republican Senators voted against the confirmation of Mel Watt, a Democratic House Representative from North Carolina. The nomination thus fell short of the 60 votes needed to advance.

Watt was expected to replace Edward DeMarco, a career civil servant who has been acting director of the agency since 2009.

A change of leadership at the FHFA could impact the mortgage market as Fannie Mae and Freddie Mac now hold or back about two- thirds of new mortgage. The nomination also came at a time when lawmakers are considering to phase out the two government- sponsored mortgage giants in the housing market.

Many Republicans believed it is better for a person with technical rather than political expertise to head the FHFA, and they support DeMarco for his own efforts to shrink Fannie Mae and Freddie Mac when the Congress was mired in political gridlock.

Watt, 68, is a veteran politician, and has served in Congress since 1992.

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