According to the WaPo:
Stevens, a former mortgage banker, announced last week that he planned to leave FHA by late April to return to the private sector. At the time, he said he had not accepted any job offers. Stevens has since signed on as president and chief executive of the mortgage banking group, a position currently held by John Courson.
Does this not seem like a pretty big conflict of interest? I mean, how could it not? I doubt the bankers are hiring him because of his great smile.
The most worrisome part, in my opinion:
He’s been deeply involved in several high-profile initiatives that involve the mortgage banking industry, including current negotiations that will determine what kinds of fines and penalties might be imposed on mortgage servicers who took part in shoddy mortgage foreclosure practices.
I am sure people have heard about the recent controversy regarding MERS/robo-signing and the subsequent lawsuit by 50 state Attorneys General. There is a deal brewing that is favorable to the banks, and this guy is involved? He will be a very handsomely paid employee of the American Mortgage Bankers, and he is supposed to be negotiating on behalf of the American people.
This is of course, his out:
Stevens has worked with the general counsel at the Department of Housing and Urban Development since he started talking with MBA to ensure that he has followed all relevant ethics rules, sources said. He will have no further contact with the MBA or any of its member organizations with respect to any matter pending before HUD
He doesn't need to have any contact with them to know what will make them more profitable. We are just supposed to take his word that he is a nice person and he wouldn't do that? He must immediately recuse himself from current negotiations, at the very least.