Well, yet another Washington "insider" is going private. Private? Head of the Mortgage Bankers Association.
I am betting that there was a huge pay raise in this deal. However, it sounds from all indicators that the former cheif of the FHA kept it from needing a huge bailout as did many of the banks who were "too big to fail".
Mr. Stevens has been a contributor to Active Rain. He has written some blog posts about what the FHA can and can't do. I have to give him credit for reaching out to the real estate community through this forum. Although much of what he contributed was "boiler-plate" and excerpts from press releases, some of this community might not have gotten the information elsewhere. And, so for that, I commend him.
He gets it. I think. Let see how he works to make mortgages and home-ownership more affordable for those borrowers still left standing after the last debacle.
I am withholding judgement for now. But, I have a weak hope that he can make a difference in his new post. I worry about the FHA without his guidance.
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