The United States Senate voted on Tuesday to confirm Dana Wade as Assistant Secretary for Housing, Federal Housing Commissioner. She succeeds Acting FHA Commissioner Len Wolfson, who has held the position since the ascension of former Commissioner Brian D. Montgomery to the position of Assistant Secretary for the Department of Housing and Urban Development (HUD).
“I want to congratulate Dana Wade on her confirmation by the United States Senate to serve as the Commissioner of the Federal Housing Administration,” said HUD Secretary Dr. Ben Carson in a statement. “Dana has been a tremendous asset to the Department and the Administration throughout her years of service, and I have full confidence in her ability to successfully lead FHA.”
Wade’s nomination was similarly lauded by Assistant HUD Secretary Montgomery.
“I join Secretary Carson in congratulating Dana on her confirmation and welcoming her back to FHA, where I know she will do an outstanding job serving the American people,” Montgomery added. “We are grateful to have her considerable talents and knowledge to help guide the agency as our nation pulls through this pandemic.”
Commissioner Wade is ready to jump into the major tasks that remain for housing during this unique time for the country, she said.
“I’m extremely grateful for this opportunity to hit the ground running during this critical time for our nation’s housing markets,” Commissioner Wade said.
The National Reverse Mortgage Lenders Association (NRMLA) expressed confidence in Wade’s ascension to the role of FHA Commissioner, which contains critical oversight of the Home Equity Conversion Mortgage (HECM) program.
“NRMLA congratulates FHA Commissioner Dana Wade on her confirmation,” said Steve Irwin, president of NRMLA in a statement to RMD. “We are confident her relevant past experience will help her succeed in her role. We wish her all the best.”
Wade was confirmed by a vote of 57-40 largely along party lines, save for four Democratic senators who crossed the aisle to join the Republican majority in voting for her confirmation. Three senators — 2 Democrats and 1 independent — did not cast votes.
Wade was nominated for the position by President Donald Trump in February of this year, and has previously served as Acting Federal Housing Commissioner and Assistant Secretary for Housing from July 2017 to June 2018.
Wade has also previously held roles at the Office of Management and Budget (OMB) and within Congress, as the Deputy Staff Director for the United States Senate Committee on Banking, Housing, and Urban Development and the Republican Deputy Staff Director for the United States Senate Committee on Appropriations.
In her previous tenure as general assistant secretary for HUD’s Office of Housing, Wade spoke out in support of October 2017’s sweeping changes to the Home Equity Conversion Mortgage (HECM) program as necessary measures to protect taxpayers.
“The HECM program has been a substantial net economic drain on the MMI fund, which is why we made these changes,” Wade said in November 2017.