Statement: Bipartisan Senate Confirmation of Scott Turner as HUD Secretary

WASHINGTONSeth Appleton, President of U.S. Mortgage Insurers (USMI), released the following statement on today’s confirmation of Scott Turner by the United States Senate to serve as Secretary of the U.S. Department of Housing and Urban Development (HUD) by a vote of 55 to 44:

“USMI congratulates Secretary Turner on his Senate confirmation to lead HUD. His experience and expertise in housing, community development, non-profit organizations, and public service prepare him well for this important role. Private mortgage insurance has helped nearly 39 million low down payment borrowers become homeowners, and has shielded the GSEs and taxpayers from nearly $60 billion in losses since the great financial crisis. With his background in the public and private sectors, we look forward to working with Secretary Turner to foster a coordinated and robust housing finance system in which private capital takes on an even greater role in enabling opportunities for homebuyers while protecting taxpayers and the government from mortgage credit risk. This will allow HUD to focus its efforts on its critical mission of safely and soundly assisting traditionally underserved borrowers.”

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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.

Letter: USMI Joins Coalition in Support of Mortgage Insurance Premium Tax Deduction

USMI joined a broad cross-section of housing industry, advocacy, and civil rights organizations in sending letters to the House Committee on Ways and Means Chairman Jason Smith (R-MO) and Ranking Member Richard Neal (D-MA) regarding the tax treatment of mortgage insurance premiums. As tax writers assess the expiring and permanent provisions of the Tax Cuts and Jobs Act (TCJA) we encourage congressional action to support existing homeowners and prospective homebuyers by reinstating, making permanent, and expanding eligibility for the mortgage insurance premium tax deduction, which was available to eligible taxpayers from 2007 through 2021.  

The tax deduction for mortgage insurance premiums has long enjoyed bipartisan support, and the coalition firmly believes this targeted deduction for the benefit of low down payment borrowers is both good tax and housing policy. We urge Congress to include the bipartisan, bicameral Middle Class Mortgage Insurance Premium Act (HR 4212, S 1938) in any end of year tax package or 2025 tax reform legislation. 

Click here to read the full letter to Chairman Smith. 

Click here to read the full letter to Ranking Member Neal.