Incoming MBA President Potentially Hindered by Revolving Door Policy

A day after the Mortgage Bankers Association (MBA) announced the resignation of CEO John Courson and the appointment of David Stevens to replace him,  the MBA's choice of Stevens seems a little puzzling.

MBA is the national association representing the real estate finance industry. That makes them lobbyists. David Stevens is currently the Assistant HUD Secretary and Commissioner of the Federal Housing Administration (FHA). According "The Revolving Door Ban" contained in Part (5) of the Ethics Commitments by Executive Branch Personnel, which  Stevens would have signed when he was appointed to head the FHA, he isn't eligible to lobby any member of the executive branch for the mortgage finance industry:

"In addition to abiding by the limitations of paragraph 4, I also agree, upon leaving Government service, not to lobby any covered executive branch official or non-career Senior Executive Service appointee for the remainder of the Administration." 

So how do this rule and Steven's new job coexist? 

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Source: http://www.mortgagenewsdaily.com/03162011_mba_government.asp

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