President Obama is planning to name the head of Long & Foster Real Estate to lead the Federal Housing Administration, CNBC has learned.
Dave Stevens, president and chief operating officer at Long & Foster, likely will be named to the post Tuesday or Wednesday, sources said.
With housing at the centerpiece of the White House's economic rescue plan, the leader of the housing agency will be critical in making sure the plan is implemented.
Among Obama's goals are to help rescue homeowners facing foreclosure and to improve the regulatory process in the mortgage industry. FHA would be central in dealing with many of the issues the president has outlined.