An "unprecedented crackdown." That's how Commissioner David Stevens described a get-tough program that took place under him at the Federal Housing Administration from mid-2009 until April of this year. As part of the push, the FHA's Mortgage Review Board issued more administrative actions against lenders in Stevens' first year than it had in the prior eight years combined.

"We take our responsibility to oversee lenders with the utmost seriousness," Stevens told a Senate subcommittee in 2010.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.