|The Department of Housing and Urban Development has confirmed who the Obama Administration has nominated to lead the Federal Housing Administration.
A HUD announcement late today indicated that President Barack Obama has nominated David Stevens as Assistant Secretary for Housing and Federal Housing Administration Commissioner.
HUD's statement confirms a rumor reported earlier by the Washington Post.
HUD noted that Stevens is the president and chief operating officer of the Long & Foster Companies, which claims to be the biggest privately-owned real estate firm in the country. The firm is parent to Prosperity Mortgage Co.
In the statement, HUD Secretary Shaun Donovan called Stevens "an innovator and single family housing industry leader" and highlighted his prior experience with Freddie Mac.
"David's depth of knowledge in real estate, housing and the mortgage industry will help us transform not only the way HUD does business, but help to transform the housing market as the FHA's market share continues to grow," Donovan stated.
Stevens faces confirmation by the U.S. Senate.
The nominee will replace Brian D. Montgomery, who was sworn in as FHA commissioner under the Bush administration on June 21, 2005.
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An executive rumored to be President Barack Obama's pick to head the Federal Housing Administration was previously an executive at an institution that pumped out billions-of-dollars in pick-a-payment adjustable-rate mortgages.