HAMP architect leaves Treasury for CFPB
Laurie Maggiano, director of policy in the Office of Homeownership Preservation at the Treasury Department is leaving her position to start anew at the Consumer Financial Protection Bureau.
The “architect” of the Home Affordable Modification Program, the most ambitious and one of the most maligned government initiatives to combat the foreclosure crisis, will begin on Monday.
HousingWire recently named Maggiano as a Woman of Influence in the housing economy.
Maggiano will serve as a servicing and secondary program manager at the CFPB. In a phone interview with HousingWire, Maggiano said she would remain heavily involved in the mortgage space.
Since the 2009 initiation of HAMP, Maggiano has held primary responsibility for the research and drafting of 35 major policy documents, an effort that required collaboration with a diverse group of stakeholders within the government and private sectors.
“One of the things I’m proud of is that I have managed to maintain a very positive relationship with the senior leadership at all of the servicers. But if we have to change the program again, that might end very quickly,” Maggiano said in her HousingWire profile, which feels somewhat prophetic considering the CFPB appointment.
“Each time a change happens, servicers have to regroup. They needed to work hard but you can only push a structure so far. It’s time for servicers to have an opportunity to be successful with the tools they now have,” Maggiano added.