A new official has been appointed to oversee the Federal Housing Administration — though it won’t be as Federal Housing Commissioner for the time being.
Currently running FHA is Acting FHA Commissioner – Assistant Secretary for the Office of Housing
Biniam Gebre, who stepped in after Carol J. Galante left the post last year.
But
Julián Castro, the secretary of the Department of Housing and Urban Development, told HUD employees in an internal memorandum Thursday that Gebre will be moving to HUD Deputy Secretary Nani A. Coloretti’s team as a senior advisor on April 7.
Castro praised Gebre’s work and noted that FHA’s MMI fund turned positive on his watch.
Castro said that
Ed Golding will transition to lead day-to-day operations at the Office of Housing as principal deputy assistant secretary.
FHA is part of HUD’s Office of Housing.
“Ed brings a wealth of knowledge and insight to his new role,” Castro said. “Ed has been an invaluable advisor to me during my time as Secretary, and I’m confident that his experience and vision will be an incredible asset to FHA and the Office of Housing.”
Golding joined HUD in June 2013 as a senior advisor. Prior to that he spent 23 years at Freddie Mac as senior vice president – models, mission and research, according to his LinkedIn profile. He reportedly obtained a Ph. D in Economics at Princeton University.
Mortgage Bankers Association Chief Executive Officer and President David H. Stevens — who, himself, served as Federal Housing Commissioner in the Obama administration — called Golding an excellent choice.
“FHA has a number of important items on its plate right now for both single family and multifamily housing finance, and I can’t think of anyone better suited than Ed to lead those initiatives,” Stevens said in a written statement. “Ed’s unparalleled knowledge and experience will serve him well as he carries out FHA’s mission to ensure affordable mortgage financing for qualified low and moderate income and first time home buyers, while at the same time stabilizing and rebuilding the MMI fund.”
Also commending the selection of Golding was Brian Montgomery, who served as Federal Housing Commissioner in the George W. Bush administration.
“Ed has significant experience in shaping housing policy and how that policy intersects the lending community and secondary markets,” Montgomery said in a written statement. “Between his policy, regulatory, and banking experience, he is an excellent choice to run the FHA at this pivotal time.”
Although Golding will have broad authority to effectively manage the office of housing, he will not have the same authority as the assistant secretary for housing, a HUD spokesman explained in a written statement.
“For example, the Office of Housing [principal deputy assistant secretary] will not be able to endorse mortgages for insurance that exceed $50 million,” the statement said. “These authorities will stay with the deputy secretary until an assistant secretary-FHA commissioner is in place.”
HUD plans to
nominate an assistant secretary, though no details are currently available.
“That nomination, as is typical, will come from the White House,” the statement said.
Stevens noted that
while Golding has a good chance of being nominated for assistant secretary down the road, the administration has likely not completed the vetting process necessary to put him through the Senate’s confirmation process.
