Edward Golding, who worked for decades at Freddie Mac, has reportedly been tapped by the Obama administration to head the Federal Housing Administration (FHA).
Golding, who will take the place of acting commissioner Biniam Gebre, will begin in his new role on April 7, the Wall Street Journal reports.
As the new ‘principal deputy assistant secretary,’ Golding won't have quite as much power as the commissioner of the FHA.
His appointment into the new position reportedly doesn't require Senate confirmation – which has some saying that this is another case of the Obama administration's sidestepping the confirmation process.
Julián Castro, secretary of the U.S. Department of Housing and Urban Development (HUD), announced Golding's appointment in an email to employees on Thursday, the WSJ reports.
Golding is the administration's top choice for full commissioner, according to the report; however, the White House is still in the midst of its vetting process.
Although the news isn't official yet, David H. Stevens, president and CEO of the Mortgage Bankers Association (MBA), says, ‘Golding is an excellent choice to fill a very critical role at HUD, bringing more than two decades of real-world, operational experience in the mortgage markets.’
‘FHA has a number of important items on its plate right now for both single-family and multifamily housing finance, and I can't think of anyone better suited than [Golding] to lead those initiatives,’ Stevens says in a statement. ‘[Golding's] unparalleled knowledge and experience will serve him well as he carries out FHA's mission to ensure affordable mortgage financing for qualified low- and moderate-income and first-time home buyers while, at the same time, stabilizing and rebuilding the MMI fund.
‘I also want to recognize the leadership that Biniam Gebre provided FHA during his tenure as acting assistant secretary,’ Stevens adds. ‘We worked closely with [Gebre] on several projects and found him to be open, thoughtful and forward-thinking. I am glad to hear that he will be staying at HUD in another capacity because he is an important resource for Secretary Castro.’