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Politics & Money

Senate confirms Dana Wade as new FHA commissioner

Trump made the pick in February

The Senate has confirmed Dana Wade to serve as the Federal Housing Administration commissioner. The Trump Administration nominated Wade in February to replace Brian Montgomery.

Wade was the acting FHA commissioner from July 2017 to June 2018. She then moved to the Office of Management and Budget as a program associate director for general government from December 2018 to December 2019.

During Senate testimony in May, Wade said her top priorities, if confirmed as the next FHA commissioner, would include protecting current FHA homeowners and fully deploying FHA’s loss mitigation toolkit for COVID-affected homeowners; ensuring that FHA has the necessary staffing and other resources, as well as continuing the innovative FHA IT Modernization effort; and vigilantly monitoring risk to taxpayers of losses stemming from COVID-19 and protecting FHA’s capital reserve to the maximum extent possible.

“I believe that FHA has a duty to support the nation’s housing markets and homeowners facing economic hardship,” Wade said during the testimony. “While the virus will pass and the economy will eventually regain its previous strength, the road to recovery will require our sustained effort.”

Department of Housing and Urban Development and industry officials praised the confirmation.

“MBA applauds the Senate for confirming Dana Wade to be the next FHA commissioner,” President and CEO of the Mortgage Bankers Association Rob Broeksmit said. “During her tenure at HUD, Ms. Wade has been an integral part in strengthening the various programs that provide affordable housing opportunities and assistance to homebuyers and renters. With her expertise and experience, I am confident that Ms. Wade will be successful in developing workable solutions during this unprecedented time.”

In a statement, HUD Secretary Ben Carson said, “I want to congratulate Dana Wade on her confirmation by the United States Senate to serve as the Commissioner of the Federal Housing Administration. Dana has been a tremendous asset to the Department and the Administration throughout her years of service, and I have full confidence in her ability to successfully lead FHA.”

In May, the Senate confirmed Montgomery to serve as the deputy secretary of the HUD after serving as the second in command at HUD on an interim basis since January 2019, when Pam Patenaude stepped down as deputy secretary.

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