USMI STATEMENT ON BIPARTISAN SENATE CONFIRMATION OF DANA WADE AS FHA COMMISSIONER

WASHINGTON — Lindsey Johnson, President of the U.S. Mortgage Insurers (USMI), today issued the following statement on the U.S. Senate’s bipartisan confirmation of Dana Wade to serve as Federal Housing Administration (FHA) Commissioner:

“USMI applauds the Senate for its bipartisan vote to confirm Dana Wade to serve as FHA Commissioner. Commissioner Wade is a respected expert with broad experience in financial and housing policy issues, which provide her of the adequate tools to tackle the challenges facing the FHA and housing finance system going forward.

“Commissioner Wade has shown commitment to keeping FHA’s core mission of providing affordable housing opportunities to moderate and low-income households, who need the agency’s 100 percent taxpayer-backed loans the most. We are confident that Commissioner Wade will continue to carry out this mission as she understands the important role the agency plays in our housing financial system.

“The FHA has improved its financial health over the last few years, however it is important that policymakers keep their focus on ensuring that the FHA is not overexposing taxpayers to undue risk. The FHA-insured market and the conventional market should complement one another. For more than 60 years private mortgage insurance has played a leading role in promoting affordable and sustainable homeownership. We look forward to working closely with Commissioner Wade in seeking ways to establish a more complimentary, collaborative, and consistent housing policy that can expand private capital’s role in shouldering more risk in front of taxpayers in the housing market.”

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.

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