MBA's President and CEO Bob Broeksmit, CMB, released the following statement regarding the Senate Banking, Housing, and Urban Affairs Committee’s vote on Scott Turner’s confirmation to serve as Secretary of the Department of Housing and Urban Development (HUD):

“MBA appreciates the importance being placed on Scott Turner’s nomination to serve as the next HUD Secretary and urges Senate leadership to schedule a floor vote on his confirmation as soon as possible. Turner’s confirmation is an important step toward building his key staff and installing leadership at the Federal Housing Administration (FHA) and Ginnie Mae.

“HUD will play a critical role in helping to solve our nation’s ongoing supply and affordability challenges for owners and renters, and we are pleased that the Trump administration appears ready to tackle this issue.

“Furthermore, FHA’s healthy financial position – with a capital reserve ratio more than five times the statutory requirement – presents an immediate opportunity for the Trump administration to reduce housing costs for low- to moderate-income Americans by reducing FHA mortgage insurance premiums. Similar moves could also be taken to make HUD’s multifamily programs less expensive, including lowering multifamily mortgage insurance premiums and excessive escrow account requirements.

“We will continue to advocate for these and other important steps that will provide more abundant and affordable housing opportunities while protecting taxpayers.”