Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

Ben Carson confirmed as Secretary of Housing and Urban Development

03/02/2017

Download PDF
Ben Carson

Ben Carson | Photo by CJ Hanevy / Shutterstock.com

Yesterday, the Senate voted 62-37 to end debate on Ben Carson’s nomination as the incoming Secretary of the Department of Housing and Urban Development (HUD) and to schedule a confirmation vote today.

And now it’s official: Carson has the job.

The road to Secretary

The former neurosurgeon was Donald Trump’s opponent in the primary race for the Republican Presidential nomination, but after his victory in November, Trump tweeted that he was “seriously considering” Carson for the position of HUD Secretary.

I am seriously considering Dr. Ben Carson as the head of HUD. I’ve gotten to know him well–he’s a greatly talented person who loves people!

— Donald J. Trump (@realDonaldTrump) November 22, 2016

That consideration turned into a nomination in December.

After vetting and disclosure, nominees are sent to the Senate Banking committee for investigation and questioning. At that hearing, Carson pivoted from some his past comments on the perils of federal assistance and expressed support for HUD’s core responsibilities and homeownership-driven programs, which appears to have drummed up increased real estate industry support.

What’s on the docket?

One thing Carson won’t be dealing with is a reduction to mortgage insurance premiums (MIPs) — 11 days after the Federal Housing Administration (FHA) announced its plan to reduce MIPs by a quarter of a percentage point, and an hour after President Trump was sworn in, HUD announced in a letter that cuts were “suspended indefinitely.”

Also, the Trump administration — and Treasury Secretary Steven Mnuchin — have expressed interest in rolling back parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the Consumer Financial Protection Bureau.

If Dodd-Frank is repealed, there is also a possibility that HUD (and Carson) may once again be in charge of administering and enforcing the Real Estate Settlement Procedures Act (RESPA), which regulates how real estate companies may do business with other related companies (such as mortgage lenders).

Industry reactions

National Association of Realtors (NAR) President William E. Brown released this statement on the nomination:

“Dr. Carson should be proud of his achievement. The task at hand is a big one, and we applaud his commitment to the challenges that lie ahead.

“NAR has been the voice of real estate for over a century. In that time we’ve seen changes in markets, in Washington, and in the business of our Realtor members. But there’s a reason that homeownership is called the ‘American Dream,’ and that hasn’t changed one bit.

“Homeownership helps build communities and build wealth for families. And we know that the policies set in Washington can make a real difference for individual Americans as they work to realize the dream of homeownership for themselves.

“We’re committed to helping them get there, which means addressing the hurdles buyers, current homeowners and investors face in the marketplace. Housing inventories are tight and mortgage credit is hard to come by, and at the same time far too many buyers are saddled with high rents and student debt that stand in the way of saving for a down payment.

“We look forward to working with Secretary Carson to meet these challenges head on.”

And President and CEO of the National Low Income Housing Coalition (NLIHC), Diane Yentel, who expressed a change of heart since Carson’s nomination, said in response to the confirmation:

“In his confirmation hearing before the Senate Banking Committee and in written responses to questions for the record, Dr. Carson stated his belief that the federal government has an important role to play in supporting deeply poor households and families.

“NLIHC stands ready to work with Dr. Carson to follow through on these commitments and to work together to end homelessness and housing poverty in America.”

National Reverse Mortgage Lenders Association (NRMLA) president and CEO Peter Bell added: “The National Reverse Mortgage Lenders Association congratulates Dr. Ben Carson on his confirmation to serve as the 17th Secretary of the U.S. Department of Housing and Urban Development.

“His lifelong commitment to improving the well-being of children and families offers Secretary Carson a unique perspective on the housing programs he will oversee in his new position, including FHA’s Home Equity Conversion Mortgage program.

“For nearly three decades, FHA has insured HECM reverse mortgage loans for homeowners aged 62 and older, and helped more than a million seniors to age in place. We look forward to working with the Secretary and his new leadership team in support of the program.”

Email Amber Taufen

Like me on Facebook! | Follow me on Twitter!

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Phixer Mobile brings professional editing to DIY photography

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Becoming an effective real estate mentor

    Experienced luxury agents make amazing mentors since they’ve spent decades delighting clients and ...

  • Need print and social media marketing fast? Enter CoVault

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • What ‘being the best’ means to 5 agents

    Luxury homes and affluent clients require service that is second to none. If you’ve asked yourself...

  • NestEgg cracks the code for small landlords and the agents who help them

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • How 3 agents have leveraged a referral network to sell homes

    Marketing by word-of-mouth is seen as a nice-to-have in most industries. But in luxury real estate, ...

  • LeadJolt plugs into the power of Facebook lead gen

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Finding the perfect home for an unconventional client

    Have you ever had a client request the highest, most panoramic property in the area so they can maxi...

  • Showing app Entro has potential — but should address agent safety

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Dreaming of your brokerage being on the big screen? Try ITESMEDIA

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

January 2021
Mon Tue Wed Thu Fri Sat Sun
 123
45678910
11121314151617
18192021222324
25262728293031

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...