WASHINGTON (6/26/14)--The Senate Banking Committee approved the nominations of two potential Obama administration officials Wednesday: San Antonio Mayor Julian Castro to be secretary of the Department of Housing and Urban Development (HUD) and Laura Wertheimer to be inspector general for the Federal Housing Finance Agency (FHFA).
The committee voted 16-6 in favor of sending Castro's nomination on to the full U.S. Senate for a confirmation vote. The panel approved Wertheimer's nomination by voice vote, which also moves her name forward for confirmation.
Castro would succeed current HUD Secretary Shaun Donovan. HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all Americans. It is the parent organization to the Federal Housing Administration, which, in part, insures mortgages made by financial institutions.
The FHFA regulates government-sponsored housing enterprises Fannie Mae and Freddie Mac, and the 12 Federal Home Loan Banks.