Obama Housing Official to Join Wells Fargo

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Obama Housing Official to Join Wells Fargo

Obama Housing Official to Join Wells Fargo

This is how it’s done my friends. This is why nothing gets resolved. They either came from those involved with the mortgage crisis or they leave to join them. Think of all the trade secrets and inside information Wells Fargo will now have a hold of?

“He brings to Wells Fargo deep industry experience and understanding of mortgage capital markets,” said Ms. Adams. Mr. Ryan declined to comment.

This is the revolving door.

WSJ-

Bob Ryan, who served as a top housing adviser in the Obama administration, will depart for a senior mortgage-banking position at Wells Fargo WFC -0.54% & Co. next month, the bank said on Monday.

Mr. Ryan is currently a senior advisor to Shaun Donovan, the secretary for Housing and Urban Development. He joined HUD in 2009 as the first ever chief risk officer at the Federal Housing Administration and served briefly last year as the agency’s acting FHA commissioner. He previously spent 26 years at Freddie Mac FMCC 0.00%.

Mr. Ryan played a key role shepherding the $25 billion mortgage-foreclosure settlement between five of the nation’s largest lenders, including Wells Fargo, and 49 state attorneys general and federal regulators this past March.

[WALL STREET JOURNAL]

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