WASHINGTON–The move by the Federal Housing Administration to cut its annual premiums, a move that was blasted by one congressman, could be reversed if Dr. Ben Carson becomes secretary of Housing and Urban Development (HUD).
During congressional confirmation hearings, Carson, who is President-Elect Trump’s nominee to lead HUD, said he would consider reversing the cut in the FHA premium that was recently announced by current HUD Secretary Julian Castro. That reduction is expected to save the average FHA borrower about $500 per year, and had the support of both credit union trade groups.
"Certainly, if confirmed, I am going to work with the FHA administrator and other financial experts to really examine that policy," Carson said during the hearing.
A pediatric neurosurgeon, Carson, said during the same hearing that there is a "strong connection between housing and health” and that substandard housing conditions, including lead paint, rodents and overcrowding, leave many low-income populations vulnerable.
Carson also said he will look to push greater deregulation if approved for the job.