With Biden’s FHA Nominee in Limbo, Mortgage Market Grows Restless
November 12, 2021
Source: National Mortgage News
President Biden’s nominee to head the Federal Housing Administration is stuck in limbo as the Senate battles competing priorities, frustrating many in the mortgage industry who are concerned about a lack of leadership at a critical juncture for the agency.
Julia Gordon — currently president of the National Community Stabilization Trust, a nonprofit that promotes neighborhood revitalization and housing affordability — was nominated in June as FHA commissioner. Her nomination hearing before the Senate Banking Committee was held in August.
Industry representatives and analysts say it is crucial for the FHA to have a Senate-confirmed leader in place with the housing market still shaky due to the COVID-19 pandemic. Delinquency rates for FHA loans are still above pre-pandemic levels, and most government-backed forbearance plans for borrowers affected by the crisis expire by year-end.
For full report, please click the source link above.