Republicans block Watt

Yesterday, Senate Republicans blocked a vote to end debate on the confirmation of Mel Watt to head the Federal Housing and Finance Agency - the agency that oversees mortgage giants Fannie Mae and Freddie Mac.Fannie Mae and Freddie Mac have been without a permanent regulator since before President Obama took office.Congressman Watt has a long track record of working with both banks and homeowners over his 20 years in Congress.Member Cherie Mortice expresses her anger at Watt's confirmation block:

"This behavior by Republicans in the Senate today is beyond shameful. I'm appalled that Senator Grassley was more than willing to jeopardize the well-being of millions of homeowners and our economy by joining with an extreme and destructive ideology taking over the Republican party."

More than 12 million homeowners are still underwater on their mortgages, owing more than the value of the house. Without a director at the FHFA willing to pursue principal reduction on such mortgages, the end of the housing crisis will remain out of reach for years to come.