Mortgage

Trump picks Brian Montgomery to lead FHA

Industry calls for Senate to move quickly

Back in May, HousingWire reported President Donald Trump was considering Brian Montgomery to run the Federal Housing Administration.

Now, after months of speculation, the nomination is confirmed. Trump announced his intent to nominate Montgomery for FHA commissioner Wednesday. Montgomery will take over for acting commissioner Edward Golding.

The Mortgage Bankers Association issued a statement of support for the president’s pick, urging the Senate to move quickly in accepting the nomination.

“MBA applauds the nomination of Brian Montgomery to lead the Federal Housing Administration,” MBA CEO David Stevens said. “His previous experience will serve him well in this position.”

“I hope the Senate will move quickly to confirm Brian and we look forward to working with him, Secretary Carson, and others in the Administration to ensure a strong, robust FHA program that can serve its mission of providing affordable housing opportunities, both rental and owned, for all Americans, especially those with low and moderate incomes and first-time homebuyers,” Stevens said.

If accepted into the position, it will be Montgomery's second time as FHA commissioner. He previously held the job under Former President George W. Bush, staying on for six months after former President Barack Obama's inauguration.

A statement from the White House explained the previous success of the FHA under Montgomery’s leadership.

“Under his leadership as FHA Commissioner, FHA successfully spearheaded legislative efforts to preserve the Nation’s affordable rental housing stock by maintaining the long-term physical and financial integrity of properties, while reducing rental assistance costs and the cost of FHA insurance claims,” a statement from the White House explained. “FHA provided access to affordable financing to preserve, refinance, or develop more than 300,000 rental units, a portion through risk-sharing agreements with State and local housing finance agencies.”

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