Janet Yellen WIH

Janet Yellen took office as Vice Chair of the Board of Governors of the Federal Reserve System a little more than three years ago. If judging by schedule alone, her term would expire on October 4, 2014. Yellen is not going anywhere.

Odds are Yellen is going to lead the Fed one day soon, a position she was nominated for recently by President Obama. Prior to her appointment as Vice Chair, Dr. Yellen served as President and Chief Executive Officer of the Twelfth District Federal Reserve Bank, at San Francisco.

It was in this role that Yellen called the Housing crisis in late 2007. She called it, but too late to do anything about it. There are some concerns that she took too long to arrive at her conclusions. Therefore, for the Fed nomination, she is challenged for her lack of financial acumen to lead the Fed. However, holding that particular skill set seems less important in what will be the post-Ben Bernanke era.

The Fed needs a measured hand, a calming influence, in order to support the recovery. Yellen no doubt supports continuing Bernanke’s work in bolstering the housing economy as the backbone of the economic recovery.

Yellen is unlikely to greatly change the way the Federal Reserve impacts mortgage-backed securities via quantitative easing and mortgage rates via ZIRP. Goldman doesn’t expect Yellen to dramatically change monetary policy. She will likely ease the Fed out of quantitative easing and stop by winding down Treasury purchases.

And with all eyes on interest rates, Yellen will likely be the bearer of any bad news in that regard. Already the press is treating better than they treated Bernanke. That will give her the necessary space to grow into the role and become even more influential.

Click below to read about each of this year's 2013 Influential Women in Housing Finance:

Amy Brandt, Prospect Mortgage | Angela Cheek, Ellie Mae | Cari McCue, Guardian Mortgage | Deborah Jenkins, Freddie Mac | Dianna Serio, CoreLogic | Elsa Lewis, Williams & Williams Worldwide Real Estate Auction | Laurie Pyle, Stewart Lender Services | Lisa Binkley, Platinum Data Solutions | Maxine Waters, D-Calif. | Pamela Hughes-Patenaude, Bipartisan Policy Center | Renee Deane, Carrington Property Services | Shana Lakso, Equator | Tanya Reu, Realogy Franchise Group | Toni Moss, Americatalyst | Vicki Beal, Clayton Holdings | Debra Still, Pulte Financial Services | Elizabeth Warren, D-Mass. | Janet Yellen, U.S. Federal Reserve | Joy Cianci, Fannie Mae | Laurie Maggiano, Consumer Financial Protection Bureau