Federal Mortgage Insurer To Ax Nearly Half Of Staff

Bloomberg News reports:

The Trump administration is planning to lay off at least 40% of the workers at the federal agency that provides mortgage insurance on loans for people who otherwise wouldn’t qualify for one, according to two sources familiar with the agency’s plans.

The FHA is one of the largest mortgage insurers in the world and has insured more than 40 million home loans since 1934, according to the agency’s website. The insurance is a key resource for many first-time buyers and low-income Americans, and can help protect lenders as well.

The US Department of Housing and Urban Development, the parent agency for the FHA, plans to discharge 50% of its workforce, Bloomberg Law previously reported.

Read the full article. 

Earlier this month HUD Sec. Scott Turner [photo] was confirmed in a 55-44 vote. Turner, a former NFL player and current best friend of Dr. Stabby, opposes all of his agency’s anti-poverty programs, including building affordable housing, protecting poor tenants from predatory landlords, and providing assistance to the homeless. While a Texas state rep, Turner denounced public assistance for the poor  – such as welfare and SNAP benefits – as “one of the most destructive things for the family.”

The Trump administration is planning to lay off at least 40% of the workers at the federal agency that provides mortgage insurance on loans for people who otherwise wouldn’t qualify for one https://t.co/KJbsFLKFLd

— Bloomberg CityLab (@CityLab) February 18, 2025