BrokerageIndustry News

Report: Long & Foster exec to head FHA

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Long & Foster Cos. may soon be looking for a new president and chief operating officer, as David H. Stevens has reportedly been tapped to head the Federal Housing Administration by the Obama administration. Stevens, who was promoted to president and COO of Chantilly, Va.-based Long & Foster in October, is a veteran of the mortgage industry. Before joining Long & Foster in July 2006 as president of the company's affiliated mortgage, title and insurance businesses, Stevens held executive positions at Wells Fargo Home Mortgage, Freddie Mac and World Savings Bank. At Freddie Mac, Stevens was senior vice president of the single-family business, responsible for sales and marketing, affordable lending, product development, loan prospector, and communications for the firm. The Obama administration chose a mortgage industry insider to head up FHA because even as it insures a growing percentage of home loans, the default rate on those loans is growing, the Washington Post...