Monday, March 23, 2009

Long & Foster President and CEO Expected to Become New FHA Commissioner

Today, the Administration is expected to appoint David H. Stevens as commissioner of the Federal Housing Administration (FHA). Stevens currently serves as president and CEO of Long & Foster Companies, the largest privately-owned real estate company in the United States, and has an extensive background in single-family home mortgages.

Prior to his time at Long & Foster, Stevens was executive vice president and national wholesale manager for Wells Fargo Home Mortgage. He has also been a senior vice president for Freddie Mac, where he managed the company's single-family mortgage business.

Stevens’ anticipated appointment comes at a time when FHA is facing numerous challenges due to the subprime and foreclosure crises. The agency, which insures loans made by FHA-approved lenders, has experienced a significant increase in demand recently – insuring approximately 30 percent of all new mortgages in the fourth quarter of 2008, compared to about 2 percent three years ago.

While the Administration has neither confirmed nor denied Stevens’ new position, the planned appointment was first reported Sunday evening by the Washington Post. To read that story, please click here.

This past week, President Obama has also filled additional leadership positions at the Department of Housing and Urban Development (HUD).

On March 17, the Administration nominated Carol Galante, current president of BRIDGE Housing Corporation, as Deputy Secretary for Multifamily Housing Programs at HUD.

Meanwhile, on March 18, President Obama announced his intention to nominate Raphael Bostic as Deputy Secretary for Policy Development and Research at HUD. Bostic is a professor at the School of Policy, Planning and Development at the University of Southern California where he specializes in urban development and economics.

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