President Obama Expected To Nominate Rep. Mel Watt For Director Of The Federal Housing Finance Agency [Getty Images]

Representative Mel Watt, a Democrat from North Carolina and U.S. President Barack Obama's nominee as director of the Federal Housing Finance Agency (FHFA), left, and Thomas "Tom" Wheeler, managing director of Core Capital Partners LP and Obama's nominee as chairman of the Federal Communications Commission (FCC), right, listen as Obama makes an announcement in the State Dining Room of the White House in Washington, D.C., U.S. on Wednesday, May 1, 2013. Obama nominated Watt to be director of the Federal Housing Finance Agency after months of political pressure from consumer advocates to find a new overseer for Fannie Mae and Freddie Mac. Photographer: Andrew Harrer/Bloomberg via Getty Images

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