THE SECRETARY OF the U.S. Department of Housing and Urban Development directs the nation’s housing policies, but the Assistant Secretary of Housing/Federal Housing Commissioner oversees the day-to-day operations of single-family loan programs, such as the HECM. By law, the HECM program must be self-sustaining, meaning it can never receive an annual appropriation from Congress. At various times, Federal Housing (FHA) Commissioners have made programmatic adjustments via Mortgagee Letters to ensure HECM’s longterm sustainability. Over its 35-year history, 16 FHA Commissioners have shaped the HECM program through good times and bad. In March 2017, I gathered information on the first ten commissioners, beginning with Thomas T. Demery (1986–1989) and ending with Edward Golding (2015–2017). Picking up from where I left off, the following article summarizes HECM program contributions made by the next six FHA Commissioners, beginning with Dana T. Wade, who served as FHA Commissioner on two separate occasions. The Evolution of the HECM, Part II By Darryl Hicks 28 REVERSE MORTGAGE / JULY-AUGUST 2024
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