NHC mourns the loss of David Stevens 

NHC is deeply saddened by the passing of David Stevens, a housing policy icon and friend to many of us in the real estate and housing industry. Dave was an invaluable NHC member whose knowledge contributed to our issue working groups and helped shape several of our policy positions over the years. He was a giant in the housing industry with a career spanning multiple decades. Dave held several influential positions, including serving as Federal Housing Commissioner for the U.S. Department of Housing and Urban Development (HUD) during the Obama administration and President and CEO of the Mortgage Bankers Association (MBA). He held leadership roles at Freddie Mac, Wells Fargo Home Mortgage, Long & Foster Companies, and SunTrust’s mortgage unit. When he retired from MBA, David took up the role of Chief Executive Officer of Mountain Lake Consulting, a financial services consulting firm, and served on the board of Dynex Capital. 

“Dave’s sincere belief in the value and benefits of sustainable homeownership led him to a career dedicated to making the American Dream achievable for more Americans. He had endless energy to engage in the fights that needed fighting to ensure that the industry could safely serve qualified low and moderate-income and first-time homebuyers,” said MBA’s President & CEO Bob Broeksmit in a statement. “He was an outside-the-box thinker when it came to trying to solve some of the industry’s greatest challenges.” 

“Dave was a passionate and thoughtful leader during the worst housing crisis since the Great Depression. His perspective and advice was always highly respected,” said NHC President and CEO David M. Dworkin. “He was never shy about telling you what he thought, which I highly value, and even when we disagreed, we could do so with intellectual integrity and an eye on the bigger picture,” Dworkin said. “Personally, I am in awe of the grace and courage with which he fought his cancer, while staying fully engaged with friends, family, and colleagues."

Dave was frequently looked to as a real estate expert and is credited with leading the industry immediately after the 2008 financial crisis through his position as FHA Commissioner, and particularly with reviving MBA and helping the organization out of the Great Recession. He also served as an unofficial policy advisor to elected officials and regulators during the COVID-19 pandemic, often making the case for interest rate cuts and liquidity measures to help keep families housed. He was instrumental in the creation of the MBA Opens Doors Foundation, which has helped more than 16,000 families with critically ill or injured children stay in their homes while their child is in treatment. David was named Mortgage Professional of the Year by National Mortgage Professional Magazine in 2018. 

“When I was nominated for the FHA Commissioner position, Dave helped me navigate the confirmation process and generously shared advice and reflections from his experience. At FHA, I’ve come to know that not only did Dave’s time at FHA leave a tremendous imprint on the office, but it earned him the lasting admiration and personal affection of so many who worked with him at HUD,” said FHA Commissioner Julia Gordon. HUD Secretary Marcia Fudge also issued a statement on his passing. 

Our thoughts are with David’s family as they mourn this tremendous loss. May his memory be a blessing. 

Sen. Scott, colleagues call for Basel III withdrawal

Senate Committee on Banking, Housing, and Urban Affairs Ranking Member U.S. Sen. Tim Scott (R-S.C.) sent a letter, signed by all Republican committee members, to financial regulators, asking them to withdraw the Basel III Endgame proposal to raise bank capital requirements. Scott sent the letter to the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency at the close of a comment period on the proposal. The letter announcement argues that the agencies have not provided thorough economic analysis to justify the proposal’s changes.

“As we noted in our November 12, 2023, letter to each of you, your agencies have still yet to justify the need for this proposal with any sufficient economic analysis or proof that the banking system is currently under capitalized,” the letter reads. “Since we last wrote to you, our concerns have not been mitigated, and testimony from the November 14 and December 6, 2023, Senate Banking Committee hearings has only deepened our resolve that this proposal is flawed and must be withdrawn.”

NHC submitted a comment letter alongside 26 member signatories asking the regulatory agencies to reconsider additional capital requirements beyond the Basel III framework that may impact underserved communities.

HUD Secretary testifies on oversight of agency



HUD Secretary Marcia Fudge testified before a House Financial Services Committee hearing titled “Oversight of the Department of Housing and Urban Development and the Federal Housing Administration.” The committee outlined several topics for discussion, including the lack of affordable rental housing and supply shortages of homes, rising homelessness, Public Housing Administration oversight, and Federal Housing Administration (FHA) oversight. Other discussion topics included veterans qualifying their income for housing programs, involvement of the Department of Energy in manufactured housing, data collection, increasing tax credits, and establishing a neighborhood tax credit.

“President Biden’s vision is to build a better America—to ensure that every person has the opportunity to get ahead.  To address longstanding systemic challenges, including racial injustice and rising economic inequality. To tackle the climate crisis, grow the economy from the bottom up and middle out, and expand on the historic progress our country has made over the years,” Fudge said in her written testimony. “We will not get there without a strong HUD. We will not reduce, and ultimately end, homelessness without a strong HUD. We won’t be able to ensure our communities can withstand the impact of extreme weather, nor will have the ability to build our housing supply up to the level we need it to be.”

During the hearing, Fudge said she would be willing to consider eliminating life-of-loan premium requirements for FHA-backed mortgages, a move advocated for by the Mortgage Bankers Association. Currently, borrowers with FHA loans must pay a mortgage insurance premium to cover FHA’s losses if a borrower defaults. However, unlike private mortgage insurance, this payment continues even after the borrower reaches 20% equity in their homes.