Trump rumored to tap Brian Montgomery to lead FHA

Lending

President Donald Trump is reportedly going to tap Brian Montgomery to run the Federal Housing Administration, according to an article in Politico by Lorraine Woellert and Josh Dawsey, which cited industry people with knowledge of the decision.

The article noted that the Trump administration is waiting until he completes requisite background checks to officially nominate Montgomery for the position. 

From the article:

Montgomery, who must be confirmed by the Senate, has raised concerns about the state of the housing market and regulation of mortgages. Nine years after the subprime lending bubble, lawmakers have yet to retool the nation’s mortgage infrastructure.

Montgomery has said that “excessive enforcement” on mortgage lenders has prevented many Americans from becoming homeowners and building household wealth.

Montgomery was previously rumored to be in the running for Department of Housing and Urban Development deputy secretary, along with Rick Lazio and Pam Patenaude.

However, Trump ended up selecting Patenaude for the position, where she will serve under HUD Secretary Ben Carson.  

If accepted into the position, it will be Montgomery’s second time as FHA commissioner. He previously held the job under Former President George W. Bush, staying on for six months after former President Barack Obama’s inauguration, the article noted.

In addition to previously serving in the position, he’s also held a handful of other top positions through the government and housing industry, including:

  • Acting HUD secretary until Obama appointee Shaun Donovan was confirmed
  • HUD assistant secretary for housing.
  • Co-founder and partner at the Collingwood Group, LLC.
  • Deputy Assistant to the President and Cabinet Secretary
  • Following the Space Shuttle Columbia disaster in 2003, headed up a White House working group to monitor all facets of the accident investigation, and was awarded the NASA Exceptional Service Medal in June 2004.
  • Board member on the Federal Housing Finance Board (2005-2008), the Housing and Economic Recovery Act of 2008 Oversight Board (2008-2009), and NeighborWorks America Board, where he also served as Chair of the Corporate Administration Committee (2005-2009).

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