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Politics & Money

Trump nominates FHA’s Montgomery to No. 2 position at HUD

Brian Montgomery has done the job since January on “acting” basis

President Donald Trump nominated Federal Housing Administration Commissioner Brian Montgomery to be the deputy secretary at the Department of Housing and Urban Development, according to statements from the White House and HUD.

Montgomery has held HUD’s No. 2 spot on an acting basis since January. He also serves as HUD’s assistant secretary for housing.

“I am tremendously honored to be called upon by President Trump and Secretary Carson to serve this department and the American people,” Montgomery said in the statement issued by HUD.

Montgomery was nominated for his previous roles at HUD by Trump in September 2017 and was confirmed by the Senate in May 2018. He is the first person to serve as FHA commissioner twice and under three different administrations.

“As the second-most senior official at HUD, Mr. Montgomery will manage the day-to-day operations of the agency and will advise and assist the Secretary in leading the Department’s nearly 8,000 employees,” the HUD statement said.

If confirmed, Montgomery would replace Pam Patenaude, who stepped down as deputy secretary earlier this year.

As head of the FHA, Montgomery has been responsible for overseeing its more than $1.4 trillion mortgage insurance portfolio. He also has oversight of HUD’s project-based Section 8 rental assistance housing program, the Officer of Housing Counseling, and HUD’s Manufactured Housing Program.

“Brian brings tremendous experience to our team and has been a strong voice in the effort to reform the nation’s housing finance system,” said HUD Secretary Ben Carson. “Brian is a key member of our team and I look forward to having him confirmed as our deputy secretary.”

From 2003 to 2005, Montgomery worked in the George W. Bush administration as deputy assistant to the president and cabinet secretary.

He was awarded the Exceptional Service Medal by the National Aeronautics and Space Administration for his work as part of the White House group that monitored the investigation into the Space Shuttle Columbia explosion.

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Treasury removes restrictions on investment properties

The Treasury Department and FHFA announced Tuesday that they are suspending certain requirements that were added in January to the Preferred Stock Purchase Agreements (PSPAs) between Treasury and Fannie Mae and Freddie Mac.

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3d rendering of a row of luxury townhouses along a street

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