Saturday, April 13, 2013

Crony Economist Likely to Head Agency that Regulates Fannie Mae

Mark Zandi has emerged as a leading candidate to head the regulator of mortgage-finance companies Fannie Mae and Freddie Mac amid signs that he would likely attract support from Senate Republicans, according to people familiar with the matter, reports WSJ.

The White House hasn't yet decided who to nominate as the next director of the Federal Housing Finance Agency, a position it has struggled to fill. Along with Mr. Zandi, the Obama administration has also been considering Rep. Mel Watt, a North Carolina Democrat.

This is what I wrote about Zandi in 2011:
Zandi [who works for Moody's] has been the biggest apologist for every move President Obama has made outside the bathroom. And just what the hell is this "full weight of Moody’s modeling expertise" about? Last I recall, Moody's failed to detect the housing boom and had no clue the subprime paper they were rating was toxic.

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