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New FHA Commissioner Confirmed

New FHA Commissioner ConfirmedSenate confirms David Stevens

July 13, 2009

By staff

The U.S. Senate has confirmed President Barack Obama’s choice to head the Federal Housing Administration.

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.

Long & Foster photo
of David Stevens

FHA Chief Nominated
The Department of Housing and Urban Development has confirmed who the Obama Administration has nominated to lead the Federal Housing Administration.

Former Option ARM Exec May Head FHA
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.

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