MortgageReverse

Senate Confirms Donovan as HUD Secretary

image Last week the Senate confirmed Shaun Donovan to be the nation’s new housing secretary in the Obama Administration.  Donovan starts his job as originations of Federal Housing Administration-backed single-family loans have tripled over the past year. At the hearing, Donovan said that FHA has "capacity issues that require immediate attention."

Donovan has been a big supporter of affordable housing and has experience in Washington and the corporate world.  He served in the housing agency under President Bill Clinton and has been commissioner of housing in the New York City government since 2004. Prior to joining the Bloomberg administration, Donovan worked at Prudential Mortgage Capital Company as managing director of its FHA lending and affordable housing investments.

While it’s to early to tell what Donovan means for the reverse mortgage business, people in the industry are very supportive.  "I’m so happy to see a smart, experienced housing professional, like Shaun, who has had previous experience at HUD, step into the leadership role at HUD. I don’t think President-elect Obama could have made a better choice for this cabinet position," said National Reverse Mortgage Lenders Association President Peter Bell.

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