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President Obama shakes hands with Rep. Mel Watt, North Carolina Democrat and Obama's nominee for the Federal Housing Finance Authority director, on May 1, 2013, in the State Dinning Room of the White House in Washington, where he made the announcement of the nomination. (Associated Press)

Obama picks Rep. Watt to oversee Fannie, Freddie

President Obama nominated veteran Rep. Mel Watt Wednesday to head the regulator that oversees lending giants Fannie Mae and Freddie Mac, and picked one of his top campaign fundraisers to lead the Federal Communications Commission.