Former FHA Commissioner David Stevens dies at 66; NAAHL names Sarah Brundage CEO; Ginnie hosts state housing agencies at roundtable; Ginnie files motion to dismiss TCB lawsuit; OCC to host appraisal bias hearing; and other news.

Department of Housing and Urban Development Secretary Marcia Fudge called on Congress to increase housing supply through preservation efforts, financing incentives and other means.

Marcia Fudge, secretary of the Department of Housing and Urban Development, appeared Thursday before the House Financial Services Committee.

House and Senate leadership have agreed to a topline budget number of $773 billion in non-defense spending for fiscal 2024.

Ginnie Mae guaranteed just $374.92 billion of new single-family mortgage-backed securities in 2023, its lowest in nine years. VA’s share of Ginnie activity narrowed to 37.4% from 43.3% in 2022.

Industry participants are asking Congress to fully fund the salary and expense requests for both FHA and Ginnie Mae during the fiscal 2024 budget appropriations reconciliation.

FHA and VA lenders are gearing up for an uptick in purchase, refinance and renovation loans in the new year.

Endorsements of FHA and VA insured loans increased by 9.2% in the third quarter while total first-lien originations declined. (Includes three data tables.)

Some $30.43 billion in Ginnie Mae mortgage-backed securities was issued last month. FHA volume held up better than VA activity. (Includes two data tables.)

HUD is planning proposed rules and final actions in the coming months that will impact the FHA program.