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David H. Stevens, an influential chief in actual property and loan finance all through a private and non-private sector occupation spanning 4 many years, died all of a sudden Tuesday on the age of 66 following a struggle with most cancers.
A former head of the Federal Housing Management, Stevens additionally held government positions at International Financial savings Financial institution, Freddie Mac, and The Lengthy and Foster Corporations ahead of main the Loan Bankers Affiliation (MBA) for seven years, starting in 2011.
“To people who labored with him at MBA, Dave is remembered as an ideal mentor, boss and pal,” MBA President and CEO Bob Broeksmit mentioned in a commentary Wednesday. “He was once fast with a shaggy dog story, once in a while at his personal expense, and actually cared about the ones he labored with and those that labored for him.”
“Dave’s honest trust within the price and advantages of sustainable homeownership led him to a occupation devoted to creating the American Dream achievable for extra American citizens,” Broeksmit mentioned of Stevens’ passing. “He had unending power to interact within the fights that wanted preventing to be sure that the trade may just safely serve certified low and moderate-income and first-time homebuyers. He was once an outside-the-box philosopher when it got here to seeking to remedy one of the crucial trade’s largest demanding situations.”
He’s survived through his spouse of 38 years, Mary Clarke Stevens, daughters Sara O’Brien Nee, Ali Stevens and Maggie Stevens, and several other grandchildren.
Stevens, who lived in Virginia, documented his most cancers therapies at Johns Hopkins College amenities in Baltimore in a sequence of public Fb posts final 12 months. On March 24, Stevens posted a “certificates final touch” for radiation treatment at Sibley Memorial Health facility. As lately as Jan. 5, Stevens mentioned he’d “Simply had lab paintings” on the Skip Viragh Outpatient Most cancers Development at Johns Hopkins College’s East Baltimore Campus, and that “if it presentations what is predicted I’ll be getting some extra blood as of late.”
A 1980 graduate of the College of Colorado, Boulder, Stevens started his occupation in 1983 as a mortgage officer with International Financial savings Financial institution in Colorado, operating his means as much as crew senior vice chairman all through his 15 years with the corporate.
After International Financial savings, Stevens held senior government positions at Freddie Mac and Wells Fargo, ahead of taking up a job at one of the most country’s biggest unbiased actual property brokerages, The Lengthy and Foster Corporations. After becoming a member of Lengthy and Foster in 2006 as president of affiliated companies, he was once promoted to president and leader working officer.
In the summertime of 2009, with housing markets nonetheless suffering to get better from the subprime lending disaster, Stevens approved a call for participation through the Obama management to run the Federal Housing Management.
On the time, loans that the FHA had insured all through the housing increase had been going unhealthy at a charge that tired capital reserves to under their congressionally mandated minimums. Within the fallout from the 2007-09 housing bust and Nice Recession, the capital ratio of the FHA Mutual Loan Insurance coverage fund dropped under the two p.c statutory minimal from 2009 via 2014.
The FHA fund ultimately required a $1.69 billion bailout in 2013 — two years after Stevens’ departure. However he was once credited with presiding over coverage adjustments, together with tightened underwriting requirements, higher oversight of lenders, and a restructuring of loan insurance coverage premiums, that cleared the path for the FHA to develop into self-sufficient once more.
“Assuming this place and the demanding situations addressed since I took administrative center were essentially the most intense and important in my occupation,” Stevens mentioned when he departed FHA in 2011. “It’s been my honor to serve President Obama, (Housing) Secretary (Shaun) Donovan, and all of the management. I’m extraordinarily happy with the whole lot we achieved to place the FHA again on solid footing.”
For the following seven years, Stevens headed up the Loan Bankers Affiliation (MBA) because the industry crew’s president and CEO.
Whilst heading up the MBA, Stevens was once singled out through The New York Instances as certainly one of a number of former authorities officers allegedly lobbying to dismantle Fannie Mae and Freddie Mac. Stevens was once amongst “a bunch of high-level housing finance consultants who’ve moved backward and forward between public provider and personal follow lately,” in search of to carve out a larger position for large banks, The New York Instances‘ Gretchen Morgenson reported in December 2015.
The object brought on the Nationwide Felony and Coverage Heart, a right-leaning ethics-in-government crew, to name for an investigation of Stevens to decide whether or not he had violated federal regulations barring former authorities officers from “speaking or showing on behalf of individuals or entities with admire to issues through which the previous officers ‘for my part and considerably participated’ all through their authorities provider,” Morgenson reported in a follow-up piece.
The MBA got here to Stevens’ protection, and an research through Nationwide Loan Skilled Mag claimed to have discovered “primary errors” in The New York Instances‘ analysis and reporting and wondered the motives of the Nationwide Felony and Coverage Heart.
“Since finishing his authorities provider, Dave has ceaselessly consulted with lawyers outside and inside MBA to make certain that he and the Affiliation are at all times in complete compliance with the legislation,” MBA spokesperson John Mechem mentioned in a press unencumber on the time. “Out of doors recommend to MBA has in particular reviewed Dave’s actions on behalf of MBA and its individuals and has showed that Dave has operated totally throughout the letter and spirit of the lobbying regulations and ethics regulations.”
Stevens persevered to guide the MBA till August 2018, endorsing the spirit of a suggestion through the Trump management to denationalise Fannie and Freddie in a while ahead of stepping down.
“It comprises many core rules that MBA has lengthy advocated for, comparable to an specific authorities ensure on [mortgage-backed securities] most effective as a catastrophic backstop, making an allowance for a couple of guarantors and making sure small lender get admission to,” Stevens mentioned in a commentary. “As with all proposal of this dimension, the satan is in the main points.”
In 2019, Stevens based Moneta, Virginia-based Mountain Lake Consulting, Inc. In keeping with Stevens’ LinkedIn profile, the company urged mortgage-related corporations on “control, organizational construction, strategic making plans, federal regulatory and legislative coverage, [and] affect alternatives.”
Stevens persevered to be an influential voice on coverage problems, weighing in on subjects starting from the Federal Reserve’s response to the pandemic to the dangers local weather exchange poses to lenders.
In an Oct. 30, 2023, interview with Nationwide Loan Information, Stevens lamented that the Division of Housing and City Building (HUD) has had a lot of its tasks for housing coverage delegated to different businesses, together with the Federal Housing Finance Company and the Shopper Monetary Coverage Bureau.
“There’s no unmarried authority with out a unmarried chief within the Biden cupboard that has a degree of clout had to create a countrywide sense of urgency round resolving [housing-related] issues,” Stevens complained. “The primary precedence this is management and I feel what we’re dealing with on this nation is a actually vital management void. The unlucky affect of that is that it’s actually destroying the hopes and aspirations of more youthful American citizens who need to purchase a house.”
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