Mortgage Bankers’ President Resigns, FHA Boss Replaces

March 16, 2011 No Comments »

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The Mortgage Bankers Association announced yesterday that President and CEO John A. Courson will be resigning from his post effective June 1, 2011.

Courson joined the MBA in August 2008 as the company’s Chief Operating Officer, and later became President and CEO in January 2009.

He will be replaced by David H. Stevens, who currently serves as the FHA’s commissioner.

Stevens spent less than two years leading the FHA at perhaps the agency’s most critical point, when capital reserves fell below the Congressionally mandated two-percent minimum.

But things have since improved, with the implementation a minimum credit score and higher mortgage insurance premiums.

Still, the departure seems a bit premature, given the fragility of the housing situation.

Interestingly, Stevens was involved with a number of private sector companies before his run at the FHA.

He began his career back in 1983 as a loan originator at World Savings (who dealt in option arms and effectively brought Wachovia to its knees), and later served as Senior Vice President of the Single family business for Freddie Mac (which went into conservatorship).

After that, he ran Wells Fargo’s wholesale mortgage business before making his way over to real estate company Long and Foster.

It is estimated that the MBA lost 30 percent of its staff, at least by the last calculation in April 2009.

The group also sold its vast new Washington D.C. headquarters for a huge loss about a year ago.

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