Trump to name former HUD official as FHA commissioner
WASHINGTON — President Trump intends to nominate Dana Wade as commissioner of the Federal Housing Administration, the White House said Thursday.
Wade would succeed current FHA commissioner Brian Montgomery, who has been serving as the acting deputy secretary of the Department of Housing and Urban Development and is awaiting confirmation to become the department's No. 2.
Wade served as the acting FHA commissioner from July 2017 until June 2018. She then worked as the general deputy assistant secretary in HUD’s Office of Housing before joining the Office of Management and Budget, where she worked as a program associate director for general government — overseeing the HUD budget — until December 2019.
Previously, Wade was also the deputy staff director of the Senate Banking Committee and the Republican deputy staff director of the Senate Appropriations Committee. She also worked as a policy adviser during Sen. John McCain’s 2008 presidential run.
Trump nominated Montgomery to serve as deputy secretary of HUD in October, although he has held the position on an acting basis since January 2019. Montgomery’s nomination has not yet been sent to the full Senate for final approval.
Under Montgomery, the FHA’s mutual mortgage insurance fund reached the highest capital reserve ratio since the 2007 fiscal year, standing at 4.84% at the end of fiscal year 2019 — up from 2.76% the previous year.
However, the FHA has struggled to rein in its reverse mortgage portfolio, which has been a consistent drain on the mortgage insurance fund’s capital reserve ratio. The agency has also noted a growing share of loans with risky underwriting characteristics, leading the agency to limit cash-out refinancing in September.