Department of Housing and Urban Development Secretary Ben Carson raised eyebrows Tuesday when he struggled to describe basic terms related to the agency he oversees during a hearing before a congressional panel. Rep. Katie Porter (D-Calif.) asked Carson about services offered by the Federal Housing Administration (FHA), an agency housed under HUD, and government-sponsored enterprises (GSEs), which are financial services corporations created by Congress such as Fannie Mae and Freddie Mac. Porter: Do you know what the interest rate curtailment schedule is at FHA and how it’s different from the GSEs? Carson: Well, we tend to try and maintain a lower interest rate at FHA ― Porter: I’m not asking you about the interest rate, sir. “That tripling of costs in servicing ... has the effect of reducing the credit availability to the American people,” Porter said.

Source: Huffington Post May 21, 2019 20:48 UTC