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Julian Castro pledged to recapitalize the FHA insurance fund and work with Congress on GSE reform but equivocated when a Senator asked about cities condemning underwater mortgages.
June 17 -
Democratic allies are hoping that, once confirmed, Julian Castro will focus on increasing affordable housing and making mortgage credit more available to first-time homebuyers.
May 23
WASHINGTON The Senate Banking Committee approved Julian Castro, the mayor of San Antonio, on Wednesday to head the Department of Housing and Urban Development.
The committee voted 16-6 in favor of Castro, who testified at a confirmation hearing earlier this month that he would work to help pass housing finance reform in Congress. He also said he would continue to strengthen the finances of the Federal Housing Administration to avoid another government infusion like that required last year the first in the agency's 80-year history.
Castro's nomination now moves to the Senate floor. If confirmed, he will succeed Shaun Donovan, who has been nominated to head the Office of Management and Budget.
