Obama's and the banks intent.
Obama to name Melvin Watt, NC congressman, to top housing finance post
Associated Press Updated: Wednesday, May 1, 12:13 AM
Hugh McColl, former Bank of America chairman and CEO, also welcomed Watt's nomination. McColl says he has known Watt for four decades, first meeting him through his brother-in-law, former Rep. John Spratt, D-S.C., who attended Yale Law School at the same time as Watt.
"What he brings to everything, doesn't matter the subject, is an open mind," McColl said. "He has clarity of thought."
Charlotte is a major banking center, and the top donors to Watt's political campaigns over the years have been bank political action committees and bank officials and employees.