Long & Foster Leader to Get Top FHA Post

By: Diana Olick, CNBC Real Estate Reporter | 21 Mar 2009 | 08:01 PM ET

President Obama is planning to name the head of Long & Foster Real Estate to lead the Federal Housing Administration, CNBC has learned.

Dave Stevens

Dave Stevens, president and chief operating officer at Long & Foster, likely will be named to the post Tuesday or Wednesday, sources said.

With housing at the centerpiece of the White House's economic rescue plan, the leader of the housing agency will be critical in making sure the plan is implemented.

Among Obama's goals are to help rescue homeowners facing foreclosure and to improve the regulatory process in the mortgage industry. FHA would be central in dealing with many of the issues the president has outlined.

David H. Stevens is a personal friend of JMac while also serving as President and Chief Operating Officer of the Long & Foster Companies which includes Long & Foster Real Estate and its' Affiliated Businesses including Mortgage, Title, Insurance, and Home Service Connections, and David joined the Long & Foster Companies in July, 2006 as President of Affiliated Businesses. Prior to joining The Long & Foster Companies, Stevens was Executive Vice President, National Wholesale Manager responsible for all sales, operations, and finance for Wells Fargo Home Mortgage's wholesale channel.

Prior to his joining Wells Fargo Home Mortgage, Stevens was Senior Vice President of the Single family business at Freddie Mac where he was responsible for all sales, marketing, affordable lending, product development, communications, and loan prospector for the firm. In this role, David served as lead spokesperson for the firm and managed all aspects related to sales, customer management, market share, and business strategy.

Stevens began his career at World Savings bank, where after 16 years; he was promoted to Group Senior Vice President, National Sales Manager for the mortgage division.

Stevens was the founding Executive sponsor of the Woman's Mortgage Industry Network, and coordinated the first Latino initiative joint venture with Freddie Mac and Latino mortgage industry leaders. He currently sits on the Board of Directors for Long & Foster and the Real Estate Settlement Service Providers Council.

Let me share a bit about Dave Stevens.

I have had the good fortune to know Mr. Stevens since he came on board in July 2006. He has worked tirelessly to revitalize the company from the ground up. His leadership led to Long and Foster leading the way in returning the focus of real estate sales where it belongs....on the consumer. Long and Foster has rolled out a new campaign ... "Buy with confidence" that has at it's foundation a focus on the individual buyer.

It has been a long time coming, but finally one man asked the question "It is a great time to buy, but is it a good time for you?" The slogan and question are at the heart of developing a responsible attitude as we move forward in the real estate industry. The program responds to the questions that all consumers have when faced with conflicting information and data that is difficult to comprehend.

I, for one, happen to believe that his appointment will lead to the FHA performing as all Americans expect it to. His focus has always been on seeking a fair and equitable solution to any problem. He has been willing to involve people at every level in creating the companies direction.

This country, long suffering from bureaucratic strangleholds, will now enjoy the service of a truly great leader. My firm will suffer a loss, but he will leave behind a focus and direction that will result in our continuing to be a prestige brokerage. The country will have a man at the helm of the FHA that understands all sides of the housing market and has the capacity to make tough decisions to resolve our current dilemmas.

I am fortunate to have had his counsel and will support him in any way that I can.