Watt told the Senate Banking Committee the current system was ripe for reform and that there was work to do to "find the right path out of a status quo that no one believes is desirable."
He welcomed a bipartisan effort by some committee members who introduced a bill earlier this week to replace Fannie Mae and Freddie Mac with a government reinsurer of mortgage securities that would backstop private capital."The good news is that a broad consensus has emerged on the direction that our next steps must take us - towards a system driven by private capital that minimizes the risk to taxpayers," said Watt, a member of the House of Representatives Financial Services Committee.
If confirmed by the full Senate, Watt would become an influential voice on the future of Fannie Mae and Freddie Mac.
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