In an effort to further the expansion of access to mortgages and homeownership, the Department of Housing and Urban Development (HUD) has tapped Edward Golding to become the next head of the Federal Housing Administration under the new title of “principal deputy assistant secretary.” The agency has the ability to regulate the cost of borrowing for hundreds of thousands of potential homeowners. Golding has decades of experience at Freddie Mac.
Golding had been acting as a senior adviser on housing finance to HUD secretary Julian Castro, and is the leading candidate to become full FHA commissioner, according to the Wall Street Journal. This appointment is backed by notables such as David Stevens, former FHA commissioner and now president of the Mortgage Bankers Association.
The unique thing about this appointment is that the new title has slight modifications restricting the usual FHA commissioner powers, and as such, it does not require confirmation from the Senate. Republicans have already recognized this new position move, most recently in the case of Lourdes Castro Ramirez, who HUD made “assistant secretary for public and Indian housing,” accusing the White House of circumventing the nominations process, and calling it unacceptable. On the other hand, the current game of obstructionist politics practiced by GOP has resulted in Loretta Lynch waiting for confirmation longer than any Attorney General appointee in American history.