New FHA Commissioner Confirmed

David H. Stevens was confirmed Friday as the Assistant Secretary of Housing and Urban Development, according to senate records. In his new role, Stevens will serve as Federal Housing Commissioner.

The nomination had been held up as the Senate Banking Committee investigated allegations of RESPA violations in a class action lawsuit against the Long & Foster Companies — where Stevens is president and chief operating officer.

Before his tenure at Long & Foster, the new FHA commissioner worked at Wells Fargo Home Mortgage and Freddie Mac. He also spent 16 years at World Savings, which in October 2006 was acquired by — and helped destroy — Wachovia Corp.

Stevens replaces Brian D. Montgomery, a holdover from the Bush administration.