The U.S. Senate held a procedural vote on Mel Watt’s nomination to lead the Federal Housing Finance Agency this morning.

A majority of Senators approved the measure, essentially green lighting a full vote on the Mel Watt nomination for later this afternoon.

If Watt is approved when the Senate conducts it’s official vote, the Democratic congressman will become head of the FHFA, replacing Ed DeMarco, who has been in the position ever since Fannie Mae and Freddie Mac were put into receivership.

For many, a Watt appointment means an FHFA that will either lean towards expanding refinancing eligibility for homeowners or a willingness to consider principal reductions.