November 13, 2018

HUD's Carson, FHA's Montgomery deliver agency update to NAFCU, stakeholders

HUD Secretary Ben Carson speaking during Friday's NAFCU-attended event.

NAFCU on Friday went to the Department of Housing and Urban Development's (HUD) headquarters to hear from Secretary Ben Carson and Federal Housing Administration (FHA) Commissioner Brian Montgomery. NAFCU has shared with both HUD and FHA its core principles for housing finance reform.

During Friday's HUDdle, Carson spoke about the new HUD website and the department's hiring of a CFO for the first time in a decade. Montgomery noted that the debt-to-income ratio has increased while credit scores are the lowest they have been since 2008.

Also last week, Montgomery indicated that the FHA could finalize its rule to relax restrictions for agency-backed condominium loans yet this year. The FHA issued a proposed rule in 2016 to streamline the process and boost lending to first-time homebuyers. Montgomery delivered his comments during a Women in Housing and Finance lunch, attended by NAFCU.

NAFCU has long recognized and supported FHA's important role in the housing finance market.

The association continues to work with Congress, the administration and other government entities to ensure credit unions have unfettered access to the secondary mortgage market in any housing reform efforts.