HUD, MAYOR BING ANNOUNCE "TRANSITION PLAN" TO RETURN DETROIT HOUSING COMMISSION TO LOCAL CONTROL

DETROIT -U.S. Housing and Urban Development Assistant Secretary Sandra B. Henriquez today joined Detroit Mayor Dave Bing to announce a transition plan to return the Detroit Housing Commission to local control. HUD assumed control of the agency in 2005.

David H. Stevens Staying at MBA

Slightly more than a month after it confirmed
he was leaving his post as President and CEO, the Mortgage Bankers Association
(MBA) announced that David H. Stevens would remain at the head of the trade
association.  Steven’s resignation and
appointment as president of Sun Trust Mortgage was announced by both MBA and
the parent company of his new employer, Sun Trust Bank, on May 30.  The announcement came almost simultaneous
with Steven’s first year anniversary with MBA.

In a statement released this morning MBA
said they were pleased to announce that Stevens “has agreed to stay on as
President and CEO.”  MBA Chairman Michael
W. Young said that, “Over the past several
weeks, MBA’s leadership, members and staff impressed upon Dave the important
role he was playing for the industry and his unique qualifications to lead the
association.  The importance and
significance of MBA’s voice during this critical time coupled with Dave’s
experience and talents encouraged us to do all we could to retain him.”

“The past few weeks have been extremely
difficult for me personally and professionally,” Stevens said.  “After serious thought and consideration, I
simply cannot leave the MBA at such a critical time for the industry and the
association.  Frankly, at the end of the
day, stepping away now when so much progress is being made and so much still
left to be done, did not feel right.

 “Going
through this experience left me encouraged by the tremendous opportunity that
lies within our industry and reinforced the essential component mortgage
finance will continue to play in helping our nation’s economy recover.” he
noted.  

Stevens joined MBA in May 2011 after serving as Assistant
Secretary of Housing and Urban Development and Commissioner of the Federal
Housing Administration (FHA). 

Mr. Stevens was to have joined the Company on July 16, reporting to SunTrust Mortgage President and CEO Jerome Lienhard.

“We have a strong leadership team in place, and continue to execute our business plan and serve the needs of the clients of SunTrust Mortgage,” said Mr. Lienhard.

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David Stevens Leaves MBA to Take Position as President of SunTrust Mortgage

Only slightly more than a year after joining the Mortgage Bankers Association as its President and CEO, David Stevens will leave to become President of SunTrust Mortgage, Inc.  Stevens will join SunTrust effective July 16 and will be responsible for day-to-day business operations of the company.  His new position will report to the bank’s CEO Jerome Lienhard.

In announcing the departure of Stevens, MBA said it has already begun a search for his replacement.  In the interim, Marcia M. Davies, MBA’s Chief of Staff and Senior Vice President will assume Stevens’ responsibilities.

Stevens joined MBA in May 2011 after serving as Assistant Secretary of Housing and Urban Development and Commissioner of the Federal Housing Administration (FHA).  At that time, confronting potential charges of conflicts of interest, Stevens announced he would recuse himself from working on any MBA issues involving that agency.

SunTrust Mortgage, Inc. is a wholly-owned subsidiary of SunTrust Banks which has total assets of $178.2 billion and total deposits of $130.0 billion.  The bank is based in Atlanta but Stevens will be headquartered in Washington, DC. 

“Dave has been an exceptional leader for MBA,” said MBA Chairman Michael Young.  “Although we are sorry to see him leave so soon, he leaves us well-positioned for the future.  Dave delivered on his pledge to enhance MBA’s position as the industry’s leading voice in advocacy, policy, education and research and has developed a dynamic infrastructure for addressing member needs.  

“His insights and leadership have demonstrated the importance of having one large platform where the entire industry can come together in an effort to provide a common voice on the critical issues of the day.” Young continued.  “The MBA, its leadership and members remain steadfast in our focus to bring solutions that will benefit the entire housing market, borrowers and lenders alike.”     

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