MBA, Trade Groups Renew Pressure for Senate Action on Montgomery, Woll Nominations

Last October, the Trump Administration nominated FHA Commissioner Brian Montgomery to serve as HUD Deputy Secretary. Despite a favorable vote by the Senate Banking Committee and strong support from trade groups such as the Mortgage Bankers Association, a Senate confirmation vote has yet to take place.

This week, MBA and three dozen industry trade groups ratcheted up the pressure on Senate leadership. In another letter—at least the fourth since Montgomery’s nomination—the trade groups urged Senate Majority Leader Mitch McConnell, R-Ky., and Minority Leader Charles Schumer, D-N.Y., to bring the nominations of both Montgomery and David Woll Jr., who was nominated as HUD Assistant Secretary of the Office of Community Planning and Development, to the Senate floor.

“Mr. Montgomery’s long and comprehensive experience at HUD will greatly benefit the administration of the Department,” the letter said. “While serving as Federal Housing Administration Commissioner from 2005 to mid-2009 – under both the George W. Bush and Obama Administrations – Mr. Montgomery realized the immense counter-cyclical benefits that FHA can provide in the middle of the housing crisis. He also led HUD’s response to Hurricane Katrina and chaired the Hurricane Recovery and Response Center at HUD headquarters.

The letter noted Montgomery’s current role as FHA Commissioner has led to “significant program changes,” including continued efforts to revise FHA condominium policies and implementing the new False Claims Act protocol. He has also overseen the increasingly sound financial health of the Mutual Mortgage Insurance Fund, which now has a 4.84% capital reserve ratio – more than double the level required by statute.

Woll, the letter said, is “already a great asset” to HUD, having served the department in various capacities. “As the current Principal Deputy Assistant Secretary of CPD, he is immersed in the office’s mission to support and encourage affordable housing and economic development in low- and moderate-income communities, the letter said. “He is a long-time public servant, having held counsel positions with HUD, the Securities and Exchange Commission, the U.S. Attorney’s Office for the District of Columbia, and worked on disaster recovery for the Governor of New Jersey in the aftermath of Hurricane Sandy. This extensive experience will serve the beneficiaries of CPD well.”

The letter asked McConnell and Schumer to “send his nomination to the Senate floor with haste.”