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), gestures as Obama, not pictured, makes the 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