Mel Watt’s time as the director of the Federal Housing Finance Agency is officially over, HousingWire.com reported. Watt became the first Senate-confirmed director of the FHFA back in 2014, and led the FHFA for five years, but his term as FHFA director ended on Jan. 6, 2019. Going forward, the FHFA will be led by Comptroller of the Currency Joseph Otting, who was picked by President Donald Trump to serve as acting director of the FHFA while Mark Calabria is awaiting Senate confirmation to replace Watt on a permanent basis. In December, Trump nominated Calabria, who serves as Vice President Mike Pence’s chief economist, to replace Watt as FHFA director. But as Calabria is waiting for Senate confirmation, Otting has officially replaced Watt as the leader of the agency overseeing Fannie Mae and Freddie Mac. Otting took over as Comptroller of the Currency in November 2017, bringing a background in banking to the regulatory role. Otting served as the CEO of OneWest Bank from 2010 until 2015, working alongside Department of Treasury Secretary Steven Mnuchin, the bank’s former chairman. Otting was let go by OneWest when the bank merged with the CIT Group in 2015. Prior to joining CIT Bank, Otting worked for U.S. Bank from 2001 and 2010. During that time, Otting served in various roles, including Oregon market president, executive vice president, and east region commercial banking group manager.
