The Wall Street Journal reported yesterday that Bob Ryan, chief risk officer for the Federal Housing Administration, will become the agency’s acting commissioner upon the departure of Commissioner David Stevens.
Stevens will leave the agency on Thursday to become chief executive of the Mortgage Bankers Association, the WSJ reported. Ryan will assume the position of acting commissioner pending a nomination for a permanent successor from the president, as well as confirmation from the Senate.
Ryan joined the FHA in 2009 as the first-ever FHA chief risk officer, after a 26-year career at Freddie Mac, according to the WSJ report. At Freddie Mac he held several senior positions in capital markets and single-family mortgage credit divisions.
Under Stevens’ leadership, the FHA increased its capital reserves and has increased its share of the mortgage market in recent years.
The leadership change comes at a time when lots of legislation is aimed at “phasing out” Fannie Mae and Freddie Mac.
See the Wall Street Journal article.
Note: A previous version of this article incorrectly stated that under Stevens’ leadership the FHA reduced its capital reserves. RMD regrets the error.
Written by Elizabeth Ecker