Insiders from the housing market reacted favorably to President Donald Trump’s announcement that he intends to nominate Dana T. Wade to be the new Federal Housing Commissioner.
"Dana is ideally suited to succeed Commissioner Montgomery as head of FHA and I applaud the nomination," said Ed Delgado, President and CEO and Five Star Global. "Brian Montgomery, now positioned for HUD's Deputy Secretary, possesses a strong grasp of the issues impacting American homeownership and will continue to lead with an abiding commitment to public service; I look forward to their future accomplishments at HUD."
Lindsey Johnson, President of the U.S. Mortgage Insurers (USMI), said her organization "applauds" the nomination of Wade.
"Wade is a respected expert with broad experience in financial and housing policy issues. Her previous work, including her time as Acting Federal Housing Commissioner and Assistant Secretary for Housing, will allow her to swiftly start to address the important issues facing the housing finance system," Johnson said. "We look forward to working closely with Dana Wade in seeking ways to establish a more complementary, collaborative, and consistent housing finance system that prudently enables homeownership for American families while also protecting taxpayers.”
"FHA is going through a substantial and much-needed transformation under Commissioner Montgomery. The priorities for FHA include massive IT modernization, rulemaking on the origination and servicing side of the forward and reverse mortgage programs, improvements in risk management, and interagency alignment on a host of issues," said Tim Rood, Chairman and Founder of The Collingwood Group, a SitusAMC company. "President Trump’s choice to nominate Dana Wade for Assistant Secretary for HUD & FHA Commissioner is well deserved and well-timed. Wade has held positions at the Office of Management & Budget, Congress, and Appropriations that will be very beneficial as the FHA implements it’s aggressive transformation initiatives."
Trump announced Wade’s nomination last week. Wade was previously the acting Federal Housing Commissioner and Assistant Secretary for Housing from July 2017 to June 2018. She supervised more than 2,400 employees and implemented risk management and monitoring of the Federal Housing Agency’s $1.3 trillion portfolio.
She also served as a Program Associate Director for General Government at the Office of Management and Budget from December 2018 to December 2019, where she led budget oversight for six Executive Branch agencies with a focus on financial services, including the Department of Housing and Urban Development (HUD).
“Dana Wade is a spectacular individual who has been enormously valuable to President Trump and this Department. We appreciate Brian Montgomery’s continued stable leadership and are elated with Dana’s nomination. We look forward to Dana’s very capable, guiding hand at FHA and urge the Senate to swiftly confirm her," said Dr. Benjamin Carson, Secretary of HUD.
Wade also has been Deputy Staff Director for the United States Senate Committee on Banking, HUD, and the Republican Deputy Staff Director for the United States Senate Committee on Appropriations under Senator Richard Shelby (R-Alabama).
The current Federal Housing Commissioner, Brian Montgomery, was nominated by Trump last year as the new Deputy Secretary of HUD. The U.S. Senate Committee on Banking approved the nomination of Montgomery in December. Montgomery was approved by a final vote of 20-5. He has yet to be approved by the Senate.
He has served as HUD’s Assistant Secretary and managed the day-to-day operations of the agency and assisted the Secretary in leading the department’s nearly 8,000 employees. He is also the Commissioner of the Federal Housing Agency.