MBA President Courson Resigns. Ex-FHA Commish Gets Job
Mortgage News Daily has learned that John Courson, President and CEO of the Mortgage Bankers Association, will announce his resignation later today. Courson is expected to be replaced by the recently resigned FHA Commissioner David Stevens. </p
UPDATED AT 2PM ON 3/15/2011</p
David H.rnStevens who announced his intention to leave his position as AssistantrnSecretary for Housing and Urban Development (HUD) and Commissioner of thernFederal Housing Administration (FHA)rnearlier this month will become the new President and CEO of the Mortgage BankersrnAssociation (MBA). Stevens will replacernJohn A. Courson who announced his resignation today. Courson will be leaving MBA on June 1 afterrnserving as its head since January, 2009. rnCourson joined the Association as its Chief Operating Officer in Augustrn2008 and served as its Chairman in 2003. </p
MBA is the national association representing thernreal estate finance industry. It will berninteresting to see how Steven’s appointment as its head will mesh with thernObama Administration’s rule on revolving door appointments. It states that, upon leavingrngovernment service, former Obama Administration appointees are prohibited fromrnlobbying any covered official in the entire Executive branch for as long asrnPresident Obama is in office. </p
Stevensrnhas headed FHA for almost two years and led the agency through much of thernmortgage crisis, overseeing the agencies attempts to improve its riskrnmanagement and increase its capital reserves. rnDuring his tenure FHA moved from a minor player in the single-familyrnmortgage market to became the source of over 25 percent of domestic mortgages. Before joining the Obama AdministrationrnStevens served at the World Bank, Freddie Mac, and Wells Fargo Bank and morernrecently was President and Chief Operating Officer of Long and Foster Companies,rnthe nation’s largest, privately-held real estate firm.</p
“John Courson has ledrnMBA through the most turbulent times that this industry, and the association,rnhas ever seen,” said MBA’s Chairman Michael D. Berman, CMB. rn”John inherited an association facing serious financial challengesrnprecipitated by the meltdown in the mortgage market and MBA’s decision tornpurchase its own headquarters building in the year leading up to the GreatrnRecession. He was compelled from the outset to make difficult financialrndecisions, both to bring MBA’s budget under control and to extricate MBA fromrnthe building, but he leaves MBA with a budget in the black and having executedrnthe sale of the building while maintaining MBA’s commitment to itrnmembers. </p
“David Stevensrnis uniquely qualified to lead the association in its next chapter,” saidrnBerman. “Most recently he has had a tremendous impact at FHA, asrnthat program faced its own unprecedented challenges. He also brings arnwealth of industry experience in mortgage lending that will help him furtherrnbuild MBA’s position as the industry’s leading voice in advocacy,rncommunications, education and research.”
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