Like the current HUD secretary, Andrew Hughes holds close ties to former department head Ben Carson, actively supporting his past presidential ambitions.

The government measure of inflation for May ticked up modestly, adding to the signals that the Federal Reserve is unlikely to move on interest rates when it meets next month.

The Trump administration's plan to fire 90% of the staff at the Consumer Financial Protection Bureau has raised constitutional questions about whether courts can decide whether a president is taking "care that the Laws be faithfully executed."

The deal is secured by a portfolio dominated by mortgage loans considered non-qualified or exempt from ability to repay rules.

Shelia Bair, who chaired the Federal Deposit Insurance Corp. from 2006 to 2011, said that while post-crisis reforms may have overregulated banks, the current deregulatory swing could undermine important protections and lead to another banking crisis.