The lending executive who became the first Risk Manager of the Federal Housing Administration (FHA) will now, at least temporarily head the agency.
Robert C. Ryan will become Acting Commissioner of FHA, replacing David H. Stevens. Ryan will also hold the title of Assistant Secretary of the Department of Housing and Urban Development. Any permanent appointment the position is subject to confirmation by the U.S. Senate.
Ryan joined FHA on October 26, 2009 at a time when it was facing unprecedented delinquencies and its capital reserves had fallen to 0.53 percent of total insurance in force, significantly below the two percent level it is required by Congress to maintain. Ryan was responsible for establishing a new office within FHA to oversee its credit risk management functions. The office expanded the agencies capacity to assess financial and operational risk, perform more sophisticated data analysis and respond quickly to changes in the market.
Prior to joining FHA Ryan held several senior executive positions at Freddie Mac and has a total of 26 years experience in the mortgage industry. He holds a BS degree from George Mason University and the Stanford Program of the Stanford Business School.
FHA's website lists Ryan as Acting Assistant Secretary and FHA Commissioner, however there has been no mention of when he is assuming his duties. The resignation of Stevens, who is leaving FHA to serve as Chief Executive Officer of the Mortgage Bankers Association was originally announced as effective June 1, however, the issue of potential conflicts of interest has come up in several publications including MND as he continued to serve as FHA head.