Quicken Loans Exec Named to Trump's HUD Transition Team
President-elect Donald Trump has named Quicken Loans Executive Vice President Shawn Krause to the team that will direct the transition at the Department of Housing and Urban Development.
Krause leads Quicken's government relations work and recently added overseeing the company's state- and local-level efforts to the work she did lobbying at the federal level. She joined Quicken in 1991 as a loan processor and has held leadership roles within the capital markets, operations and technology teams.
Quicken Loans Chief Executive Bill Emerson welcomed Krause's appointment, calling it "a great move for HUD."
"She has done everything you can practically do in this industry," Emerson told National Mortgage News. "You have someone who truly understands housing. You couldn't ask for someone better for a HUD transition than that."
Emerson said that Quicken had not yet determined how Krause's appointment to the transition team will affect the company's operations. Krause leads a team of roughly 20 employees.
"We have to see what is involved and how much time is spent," he said. "If her time is pulled away doing this, we'll obviously work through it."
A company spokesman confirmed that Krause deregistered as a lobbyist earlier this year, noting that the company does not plan to "backfill with another registered lobbyist."
Emerson also said Krause's appointment is not expected to have any impact on the ongoing lawsuit filed by the Department of Justice against Quicken. The case alleged that Quicken improperly underwrote hundreds of loans insured by the Federal Housing Administration in violation of the False Claims Act.
A federal judge agreed earlier in November to move the case to Detroit from Washington, D.C., which the company had wanted.
Along with Krause, Trump also selected Jimmy Kemp, son of former HUD Secretary Jack Kemp and president of the Jack Kemp Foundation, for the transition team. Previously, Trump had picked John Bravacos, an attorney and former HUD regional director, and Elvis Solivan, an employee of the Philadelphia Parking Authority, for the team.
Last week, Trump said in a post on Twitter that he was considering former Republican presidential candidate Ben Carson for HUD Secretary.
Trump has also named housing and financial services veterans to other transition team slots. Alex Pollock, the former president and CEO of the Federal Home Loan Bank of Chicago and current financial systems studies director at the think tank R Street, was named to the transition teams for the Financial Stability Oversight Council and the Federal Trade Commission.
Additionally, former Securities and Exchange Commission General Counsel Ralph Ferrara is on the team for the Federal Reserve Board, and former Assistant Secretary of the Treasury Timothy Bitsberger is on the Federal Housing Finance Agency transition team.