Mel Watt
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Federal Housing Finance Agency (FHFA) Mel Watt defended his decision to approve the pay hikes, which will raise the Fannie and Freddie CEOs' pay from $600,000 to $4 million, as vital to "promote CEO retention, allow reliable succession planning and ensure the continuity, efficiency and stability" now that both companies have returned to financial health. (Associated Press)
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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)
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**FILE** Rep. Melvin Watt of North Carolina addresses the Democratic National Convention in Charlotte, N.C., on Sept. 6, 2012. (Associated Press)
