Rep. Mel Watt, a Democrat who has represented North Carolina for 20 years, has been nominated by President Barack Obama to head the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac. Senate Republicans are expected to try to block Watt's confirmation. Sen. Bob Corker, R-Tenn., says Obama should have offered a plan for shutting down Fannie and Freddie before nominating a replacement for acting Director Edward DeMarco.

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