The Real Deal Miami

Real estate exec tapped for FHA job

March 25, 2009 10:04AM

David Stevens was named assistant secretary at the Department of Housing and Urban Development, giving him responsibility for the government-run mortgage-insurance program. In the wake of the subprime lending market’s collapse, the FHA has become just about the only source of loans to borrowers with poor credit records and low down payments. Stevens is currently president and chief operating officer of Long and Foster, a Chantilly, Va., based real estate brokerage. He previously worked at Wells Fargo, mortgage finance company Freddie Mac and World Savings Bank, a California-based lender.