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Local Business Digest: David Stevens Confirmed as New FHA Chief

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Saturday, July 11, 2009

REGULATORS

Stevens Confirmed As New FHA Chief

The Senate confirmed David H. Stevens as head of the Federal Housing Administration.

Stevens, president of Washington-area real estate firm Long & Foster, is joining the FHA at a time when the agency has been thrust into a high-profile role. The collapse of the subprime mortgage industry caused the volume of home loans insured by the FHA to explode. Since then, policymakers have questioned whether the agency has the personnel, technology and policies needed to handle the workload and scrutinize the lenders it does business with.

Stevens, a native of New York City who grew up in Connecticut, comes to the job with more than two decades of experience in the financial services industry. He joined Long & Foster in 2006 to lead its affiliated businesses, including the mortgage, title and insurance divisions, before he was promoted to president and chief operating officer in October.

-- Dina ElBoghdady

MERGERS & ACQUISITIONS

Computer Sciences To Expand Into Brazil

Information technology company Computer Sciences of Falls Church said that it will buy BearingPoint's Brazilian consulting and systems integration business. Terms were not disclosed.

BearingPoint's Brazilian operations, which are in Sao Paulo, Rio de Janeiro and Brasilia, employ 550 workers.

-- Associated Press

TELECOM

Icahn-Owned Firm Bids for Rest of XO

One of Carl Icahn's businesses offered to buy Herndon-based XO Holdings' remaining stock at nearly double its closing price on Thursday.

ACF Industries Holding offered to buy the rest of the communication services company's stock that it doesn't already own for 55 cents per share, according to a filing with the Securities and Exchange Commission. Icahn Associates held a 52.7 percent stake in XO as of June 30.

-- Associated Press


© 2009 The Washington Post Company

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