Federal Housing commissioner David Stevens, a driving force not just at HUD but as an advisor to the White House on housing policies, is leaving the agency in mid-April, National Mortgage News has learned.
"After careful consideration, I have decided to step down from my role at HUD as Assistant Secretary of Housing and FHA Commissioner in mid-April. This was a difficult decision and not made lightly," he says in a memo to FHA employees.
Under Stevens, FHA has improved its capital position by tightening underwriting requirements and upfront cash premiums.
At present time, the government's mortgage insurer has a market share of close to 30%.
In his memo, he notes: "During my tenure, the Office of Housing and my management team have been focused on the three goals I laid out at the start of my appointment — creating an Office of Risk Management, addressing the health of the MMI Fund, and implementing new policies and programs to better protect FHA and its mission to serve underserved communities. It is very rewarding to know that we have achieved these goals while playing an important role in helping stabilize the housing market."
He adds: "We are not out of the woods yet; however, significant progress has been made and the organization is moving in the right direction."
Stevens' name has been bandied about to head the Federal Housing Finance Agency, but no official job offer has been made to him, sources said.
