Federal Housing Administration Commissioner David H. Stevens will head the Mortgage Bankers Association after he leaves his current post, sources familiar with the matter said.
Stevens, a former mortgage banker, announced last week that he planned to leave FHA by late April to return to the private sector. At the time, he said he had not accepted any job offers. Stevens has since signed on as president and chief executive of the mortgage banking group, a position currently held by John Courson.
Sources said Stevens would join the group in May. He joins the MBA at a critical time for the association’s members, who have come under attack for their foreclosure-related practices and for bungling the handling of loan modifications.
Stevens has worked with the general counsel at the Department of Housing and Urban Development since he started talking with MBA to ensure that he has followed all relevant ethics rules, sources said. He will have no further contact with the MBA or any of its member organizations with respect to any matter pending before HUD.
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.
Federal Housing Administration leader David Stevens will leave post