Tuesday, March 15, 2011

The Mortgage Banking Sector's Government-Industry Revolving Door is Spinning Nicely

Federal Housing Administration Commissioner David H. Stevens will head the Mortgage Bankers Association after he leaves his current Obama Administration position, WaPo reports.

Stevens, a former mortgage banker, announced last week that he planned to leave FHA by late April to return to the private sector.

After joining FHA in July 2009, Stevens quickly emerged as a major player in crafting the Obama administration’s housing policy. He’s been deeply involved in several high-profile initiatives that involve the mortgage banking industry, including current negotiations that will determine what kinds of fines and penalties might be imposed on mortgage servicers who took part in shoddy mortgage foreclosure practices, according to WaPo..

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