Tuesday, December 11, 2012

Bankster-Government Revolving Door (Mortgage Division)

Bob Ryan, who served as a top housing adviser in the Obama administration, will leave for a senior mortgage-banking position at Wells Fargo next month, according to WF.

Ryan is currently a senior advisor to Shaun Donovan, the secretary for Housing and Urban Development.

Donovan called Mr. Ryan “a key source of advice and reason for the last three years at HUD,” in a statement. “We will miss his expertise, wisdom, and candor,” he said.

Get this, Ryan played a key role shepherding the $25 billion mortgage-foreclosure settlement between five of the nation’s largest lenders, including Wells Fargo, and 49 state attorneys general and federal regulators this past March. Wells faces a separate lawsuit over FHA-backed loans that was filed by federal prosecutors in October.

Ryan will become a senior vice president within the capital markets group at Wells Fargo Home Mortgage, where he will coordinate strategy with industry trade groups and consult with policy makers on a range of housing-finance issues, said Vickee Adams, a company spokeswoman, according to WSJ. Translation: He will run interference for WF and keep the regulators away and promote regulations that will make life more difficult for competitors (especially smaller ones). His assignment starts on Jan. 7.

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