Advocates for low-income borrowers are welcoming Obama’s new pick to head the Federal Housing Finance Agency, Democratic Rep. Mel Watt of North Carolina. The official Watt would replace, Ed DeMarco, has been accused of siding with banks by opposing measures that would allow struggling homeowners to modify their loans. In a statement, the National Community Reinvestment Coalition said that, by contrast, Watt “will do what is best for American taxpayers and homeowners.”