David Stevens – the former commissioner of the Federal Housing Administration and president of the Mortgage Bankers Association – has joined the board of directors at Dynex Capital.
Dynex is a real estate investment trust that invests in mortgage-backed securities on a leveraged basis. Stevens will also sit on its investment committee, Dynex said.
Stevens served as MBA president for seven years before stepping down in September, citing the need to spend time with family and tend to his health after entering cancer remission.
He also served as FHA commissioner under the Obama Administration from 2009 to 2011, and worked previously as Long & Foster Companies, Wells Fargo Home Mortgage and Freddie Mac.
“It is with great pleasure that we welcome David to the Board. He brings an important skill set to our Board with his broad and unique career experiences, combining significant knowledge of real estate finance, mortgage banking and public policy related to the U.S. housing finance system accrued over more than 35 years,” said Michael Hughes, Chairman of the Board.
Dynex President and CEO Byron Boston said Stevens' experience will be beneficial if the government reduces its GSE footprint and the Federal Reserve’s balance sheet, as anticipated.
“We believe there will be a need for greater private capital participation in the U.S. housing system,” Boston said, “and he will be extremely helpful as we navigate this changing landscape.”