Senate Approves Montgomery HUD Nomination; Dana Wade FHA Nomination on Tap Today
It seemed like it took forever—and in political terms, seven months feels like forever—but Brian Montgomery is finally, officially, HUD Deputy Secretary.
The Senate approved Montgomery’s nomination Monday evening by unanimous consent. The vote capped months of limbo in which Montgomery—who enjoyed broad, bipartisan support from the moment the Trump Administration nominated him in October and seemed set for easy approval—got waylaid by the Trump impeachment trial and legislative fallout from the coronavirus pandemic.
The Senate is expected to take up Dana Wade’s nomination as FHA Commissioner today.
Montgomery—who is slated to speak at MBA LIVE: State of the Industry next Tuesday, May 19 (https://www.mba.org/conferences-and-education/event-mini-sites/state-of-the-industry) now assumes the number-two slot at HUD.
The Mortgage Bankers Association strongly supported Montgomery’s nomination; MBA and other industry trade groups sent no fewer than four letters to Capitol Hill over the past seven months urging Senate confirmation. The Senate Banking Committee approved Montgomery by a 20-5 vote in December.
“Mr. Montgomery’s long and comprehensive experience at HUD will greatly benefit the administration of the Department,” one MBA 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.”
A vote on Montgomery’s nomination was slated to take place on the Senate floor when Congress reconvened in January, but the Trump impeachment trial put all nominations on hold. Then the coronavirus pandemic hit with full force, shifting the Senate’s focus to economic stimulus packages.
With the next stimulus package possibly weeks away—and with plenty of negotiations between Democrats and Republicans ahead—Senate Majority Leader Mitch McConnell, R-Ky., said he would make this week a priority for moving forward with a backlog of nominations. Montgomery’s was among the first on the Senate agenda.
Wade’s nomination to replace Montgomery as FHA Commissioner is scheduled for the Senate floor some time today.
MBA, in a May 4 letter, urged approval of Wade’s nomination “Ms. Wade’s extensive background and knowledge of HUD and the housing market will help guide FHA to support access to sustainable credit and affordable housing, as well as maintain the critical multifamily public-private partnership,” wrote MBA President and CEO Robert Broeksmit, CMB.
