Senate Confirms Donovan as HUD Secretary

image Last week the Senate confirmed Shaun Donovan to be the nation’s new housing secretary in the Obama Administration.  Donovan starts his job as originations of Federal Housing Administration-backed single-family loans have tripled over the past year. At the hearing, Donovan said that FHA has "capacity issues that require immediate attention."

Donovan has been a big supporter of affordable housing and has experience in Washington and the corporate world.  He served in the housing agency under President Bill Clinton and has been commissioner of housing in the New York City government since 2004. Prior to joining the Bloomberg administration, Donovan worked at Prudential Mortgage Capital Company as managing director of its FHA lending and affordable housing investments.

While it’s to early to tell what Donovan means for the reverse mortgage business, people in the industry are very supportive.  "I’m so happy to see a smart, experienced housing professional, like Shaun, who has had previous experience at HUD, step into the leadership role at HUD. I don’t think President-elect Obama could have made a better choice for this cabinet position," said National Reverse Mortgage Lenders Association President Peter Bell.

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  • I have clients who would like to express their positions on the FHA HECM program; why doesn’t RMD
    investigate, then print the names, telephone numbers,
    and e-mail addresses of those at HUD/FHA responsible for the FHA HECM program. If the Government is
    supposed to work in the US Citizen’s behalf (repeat, US Citizen), perhaps it would be worthwile to know who the live bodies really are.

  • I am happy that Mr. Donovan has been appointed HUD Secretary. I am writing to ask that this comment relating to Reverse Mortgages for Senior Coop owners in NY be forwarded to him.
    I am a senior in need of financial help. I am on monthly Soc. Security. I have no mortgage on my apartment and would be financially self sufficient..if I were able to use my cooperative investment to generate my own funds.
    I ask that guidelines allowing Coop Reverse Mortgages be reinstated here in NYC.
    Congratulations to Honorable Donovan on this important appointment.
    Thank you in advance for your cooperation and prompt response.

    Fredie L. Crutchfield
    718-699-7701

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