Report: Long & Foster exec to head FHA

RESPRO and other industry groups have fought changes to the Real Estate Settlement Procedures Act, or RESPA, being implemented this year by the Department of Housing and Urban Development. The changes are aimed at helping consumers comparison shop for the best deal on a mortgage and settlement services such as title insurance.

Former Wachovia Bank and World Savings executive Tim Wilson was named to succeed Stevens as president of the company's affiliated businesses -- Prosperity Mortgage Co., Long & Foster Insurance Agency Inc., and Long & Foster Settlement Services -- in January.

The Obama administration last week announced it would nominate a University of Southern California professor, Raphael Bostic, as HUD's assistant secretary for policy development and research. In announcing the nomination, the White House said Bostic is an expert on housing and homeownership who has studied credit markets and financing.

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