Industry NewsMortgage

Long & Foster exec will run FHA

Senate confirms David H. Stevens
Published on Jul 13, 2009

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by CareyBot

David H. StevensLong & Foster Cos. President and Chief Operating Officer David H. Stevens has been confirmed by the Senate as the Obama administration's choice to head the Federal Housing Administration.

The mortgage industry veteran succeeds Brian Montgomery as federal housing commissioner at a time when demand for FHA-backed loans has surged, but record claims threaten to put the program in the red for the first time since 1934 (see story).

In prepared testimon