August 5, 2021

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Mortgage News

Biden taps Julia Gordon to be FHA commissioner

The Biden administration has nominated Julia Gordon as Federal Commissioner for Housing Housing and Urban Development Department. As a commissioner, Gordon would Federal Housing Administration (FHA) oversee programs related to the private mortgage market and oversee the $ 400 billion Federal Housing Administration Insurance portfolio.

The nomination follows a brilliant week of federal political steps that included the fall of Federal Housing Finance Agency Director Mark Calabria; the Appointment of Sandra Thompson as a temporary replacement for Calabria; and the Nomination by David Uejio, the acting director of Consumer Finance Protection Officeto serve as assistant secretary at the HUD.

Gordon, a respected housing industry veteran, is currently President of the National Community Stability Fundthat facilitates the refurbishment of residential properties in underserved markets. Gordon is an expert on federal home ownership, community development, and the country’s home finance system.

From 2011 to 2012 she headed the FHFA’s single-family policy team and was most recently a member of the FHFA’s review team and the HUD agency for the administration of Biden.

David Dworkin, President of the National Housing Conference, applauded Gordon’s nomination. As the nation advances into the post-pandemic era, housing policies will determine how well the Homeowner Assistance Fund runs, what options FHA mortgage holders have to stay in their homes, and how to deal with borrowers who cannot, he said.

“There is no one in the United States right now who is better qualified for this job than Julia Gordon,” said Dworkin. “She understands better than almost anyone the importance of maintaining the stability of the neighborhood and the stability of the homeowner.”

Dworkin said Gordon would face a potentially daunting task should the Senate approve her nomination. She would then have to convince the best and brightest in the private sector to join the FHA to “get a fraction of what they do,” Dworkin said.

“The challenge will be to convince them that they can make a difference, that this is a once in a lifetime opportunity,” he said.

As the FHA commissioner, Gordon could help make FHA loans more competitive in the marketplace. Along with Veterans Affairs Department Borrowers, those with FHA funding, often find that sellers and lenders are less interested in working with them.

Housing representatives also welcomed the news of Gordon’s nomination. Bob Broeksmit, President of the Association of Mortgage Lenders, stressed that her previous experience at both FHFA and NCST would give her a “unique perspective” on housing market issues.

“We look forward to continuing to work with her, Secretary Marcia Fudge and others at the HUD and in the administration to ensure a strong FHA program that provides affordable rental and condominium for all Americans while protecting taxpayers,” said Broeksmit .

Broeksmit also highlighted the need to continue efforts to Modernization of the FTAthat lags behind other state housing companies.

“We also look forward to working with the agency to deliver the much-needed work on efficiency, reassurance and getting more lenders back into the FHA program.”

Senior HUD Officer Janet Golrick is currently serving as the acting FTA commissioner. Dana Wade, appointed by President Donald Trump in early 2020, resigned when Biden took over the presidency in January 2021. Brian Montgomery served as commissioner from 2018 to 2020.