Page 57 - May-June 2018 GSE Report Flip Book

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Senate confirms Brian Montgomery to serve as FHA Commissioner
Six-months after the Senate Banking Committee approved his nomination, Brian Montgomery was approved by a bipartisan Senate vote of 74-23 to serve as the next FHA Commissioner. Montgomery previously served as FHA Commissioner from 2005 to 2009.
“Brian brings a wealth of housing knowledge and experience to HUD, having held this position
in two previous administrations, and we’re excited to welcome him back to the agency,” said
HUD Secretary Ben Carson. “FHA’s work is critical to HUD’s mission of advancing sustainable homeownership opportunities and quality affordable housing for all Americans. Brian understands this better than anyone and will be ready on day one to address the challenges of today’s housing market.” (Multifamily Executive, 05/29/18)
President Trump nominates Michael Bright to lead Ginnie Mae
The Trump administration formally nominated Michael Bright to serve as president of Ginnie Mae. Bright, who joined the agency in July 2017 as EVP and chief operating officer, has also been serving as Ginnie Mae’s interim president. Previously, Bright led Milken Institute’s Center for Financial Markets, where he led the housing program. Prior to joining the Milken Institute, he served as a top aide for Senator Bob Corker (R-TN), where he helped author the Corker-Warner housing finance reform bill. After leaving Capitol Hill, Bright was VP in BlackRock’s financial advisory operation and SVP of business development for PennyMac. (HousingWire, Ben Lane, 05/15/18)
Congress needs to overhaul “dark ages” FHA
The Department of Housing and Urban Development believes a “critical element” of housing finance reform is the modernization of risk management and technology platforms of FHA, according to Adolfo Marzol, a senior advisor to HUD Secretary Ben Carson.
“The difference now between FHA and, say, Fannie Mae or Freddie Mac are truly stark,” said Marzol. “We really are in the Dark Ages. FHA and Ginnnie Mae rely on COBOL-based operating systems, which were invented in 1959 for use on mainframe computers. FHA’s system is comparable to that used by Fannie Mae 12 to 15 years ago, according to Marzol.
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