Obama Will Nominate Rep. Watt to Head Housing Regulator

Rep. Mel Watt (D-N.C.) will face a confirmation battle

President Barack Obama on Wednesday will nominate Rep. Mel Watt for a key housing position, but his chances of confirmation face long odds as Republicans and the administration continue to sharply disagree over what to do with bailed out mortgage giants Fannie Mae and Freddie Mac.

Watt (D-N.C.) is being nominated to be director of the Federal Housing Finance Agency, the regulator of Fannie and Freddie, and would replace Edward DeMarco who is the acting director, according to a White House official.