Real Estate News – March 11, 2011

Dave Stevens, the former Long & Foster Real Estate president who has been FHA commissioner since July 2009, and who guided the agency during the aftermath of the mortgage crisis, is stepping down at the end of April (via REALTORMag):

Aaron Malinsky, the founder of real estate firm PA Associates, is accused of funneling nearly $500,000 in alleged bribes to Brooklyn State Senator Carl Kruger, who in turn took action to benefit that company’s development projects (via

Mortgage and foreclosure losses will likely impact bank earnings into the first half of the year, but very little is known about the ultimate cost, according to industry analysts (via

Fundamental changes are probably ahead for the American mortgage system as the federal government pushes to unwind its unprecedented involvement in the housing market (via

The House voted Friday to eliminate the second of four signature Obama administration housing programs, this time taking down a $1 billion initiative designed to help the jobless stave off foreclosure (via