Key facts
- Matt Jones is President Donald Trump’s nominee for assistant secretary for HUD and commissioner of the FHA.
- Jones testified before the Senate Banking Committee on Thursday.
- He aims to increase housing supply, lower costs, and expand homeownership access.
- Jones plans to bar large institutional investors from buying HUD-owned properties.
- Two new credit-score models will be accepted for FHA underwriting starting in 2027.
- Industry groups like CHLA and MBA support Jones's nomination.
Matt Jones, President Donald Trump’s nominee for assistant secretary of Housing and Urban Development (HUD) and commissioner of the Federal Housing Administration (FHA), outlined his priorities during a confirmation hearing before the Senate Banking Committee on Thursday. Jones stated his focus would be on increasing housing supply, reducing costs, and expanding access to homeownership.
Jones, who previously served as senior counsel for the Senate’s banking and finance committee and is currently HUD’s deputy assistant secretary for single-family housing, described housing affordability as a significant challenge. He noted that FHA-insured loans assist over 3,000 families in purchasing homes daily, with a majority being first-time buyers. He also highlighted that FHA has streamlined more than 150 program requirements, leading to cost reductions for consumers. Jones pointed to manufactured housing as a viable option to boost supply and lower construction expenses, mentioning HUD's showcase of a two-story manufactured home.
Further priorities for Jones include preventing large institutional investors from acquiring HUD-owned properties or participating in single-family note sales. Additionally, starting in 2027, the FHA will accept two new credit-score models, which Jones believes will help younger borrowers with limited credit histories qualify for mortgages and potentially lower credit report costs.
In response to questions from Senator Mike Crapo, Jones committed to continuing the reduction of regulatory costs in home construction and mortgage origination. He also indicated that FHA could support affordable multifamily development by combining its insurance with other public funding sources, such as Low-Income Housing Tax Credits.
Senator Elizabeth Warren criticized the timing of the hearing, deeming it irresponsible to hold it during a Senate recess without adequate opportunity for all senators to question the nominee. Warren also raised concerns about Federal Housing Finance Agency Director Bill Pulte's decision to reduce the budget for the Office of Inspector General, stating it would effectively halt their investigative work.
Industry groups have voiced strong support for Jones's nomination. The Community Home Lenders of America (CHLA) cited his expertise in housing policy, government experience, and mortgage industry knowledge. The Mortgage Bankers Association (MBA) also expressed support, with its president and CEO, Bob Broeksmit, highlighting Jones's background in public service and his current role overseeing FHA's single-family operations.