while as the head of the MBA. “It’s an inter-
lending. The President walked in, having read all the information
“People see us
esting dynamic working in Washington. I
and started off the meeting by saying, ‘I’ve read the documenta-
as a unified voice
found it relatively easy. Taking a job in the
tion ... can someone explain what a warehouse line is?’ Everyone
for the mortgage
middle of a fairly significant storm that has
started going through their rote answers, and, these are Ph.D.
industry as
taken over Washington, when there was
guys from the finest universities and the ability to talk about glob-
a whole.
such an emphasis on fixing the housing mar-
al financial systems. When it came to a warehouse line, they did-
At a time when
ket,” Stevens said. “Just weeks before the
n’t really know. Someone looked down to me and said ‘Dave, can
the industry was
election in 2008, both candidates stated we
you explain what a warehouse line is?’”
scattered, we
weren’t in a recession. Home prices were
“I looked up and there’s the President staring intently at me,”
collectively
dropping like crazy. That storm we walked
Stevens said. “The important lesson here is that these are
helped America
into had everyone paying attention to hous-
incredibly smart, well-intentioned people in Washington trying to
and helped
ing. I quickly became ‘the mortgage guy’ in
deal with the housing and financial crisis. Knowledge matters to
Washington.”
them. Knowing how a very technical industry operates is impor-
hammer together policy to help
“I’ll tell you a story. Three weeks into
tant and from that moment on, I was thrust into economic meet-
everyone.”
accepting the job with the MBA, I was called
ings regularly, working on every policy issue possible, working
—David H. Stevens,
into a meeting at the White House to meet
with Congress to resolve issues.”
President and CEO,
with the President,” Stevens said. “I walked
Mortgage Bankers
into
Roosevelt
room,
which
is
Stevens, years later, cites many of the Washington decision-
the
makers and people he worked with on resolving housing issues
President’s meeting room and took a seat
with the President as close friends. “We spent so much time
on one of the back couches lining the wall.
together that we became comrades in working together,”
One of the President’s senior aids told me to said ‘No, Dave, sit
Stevens said. “We may not have always agreed, but everyone
at the table,’ so I did and it was there that I realize the topic of
respects one-another. Ultimately, that became very beneficial.
the day would be a subject, very technical, about warehouse
You know people, you know how policymaking works and how
Association
the
OCTOBER 2013 n Oklahoma Mortgage Professional Magazine n
NationalMortgageProfessional.com
54
FIFTH THIRD MORTGAGE CONGRATULATES THE MBA ON THEIR 100TH ANNUAL CONVENTION
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