After months of contentious debate, the Federal Housing Finance Agency (FHFA) finally has a new director. Mel Watt, the former North Carolina congressman, was sworn in Monday to a five-year term as the first Senate-confirmed director of the FHFA. Watt, 68, represented the 12th congressional district of North Carolina as a member of the U.S. House of Representatives for more than 21 years prior to accepting his new post.

The HOPE NOW Alliance announced an estimated 50,000 homeowners received permanent, affordable loan modifications from mortgage servicers during October. This total includes mods completed under both proprietary programs and the government's Home Affordable Modification Program (HAMP). Short sales also served as an effective foreclosure aversion tool, with 19,000 completed during the month.