WATCH LIVE: Obama to tap Dem lawmaker to lead housing regulator

Watt, a high-ranking member of the House Financial Services Committee and a lawmaker since 1992, will be picked to lead the Federal Housing Finance Agency.

"Over his more than 20 years on the House Financial Services and Judiciary committees, Watt has developed a proven track record of fighting to rein in deceptive mortgage lenders, protect consumers from abusive financial practices, and expand affordable housing as well as working across the aisle to find common ground on critical issues," said a White House official of the selection.

Read more on The Hill's On The Money blog.