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Long & Foster President Nominated for FHA Commissioner & HUD Assistant Secretary for Housing

March 24, 2009

Chantilly, Va., March 24, 2009 --   P. Wesley Foster, chairman and CEO of The Long & Foster Companies, announced today that Long & Foster president and COO David H. Stevens has been nominated by President Barack Obama to serve as Federal Housing Administration Commissioner and Assistant Secretary for Housing.

Before joining Long & Foster, Stevens served as executive vice president at Wells Fargo Home Mortgage and senior vice president of the single family business at Freddie Mac.

"Dave is an excellent choice for this position," said Foster.  "The FHA has taken on a critical role in the mortgage sector. Dave's background, leadership skills and insight into the industry will be vital assets for this new role."

"While we are very sad to see him go, he has an opportunity to do more for the real estate industry as a whole through FHA," Foster explained.  "I am confident that Dave will be beneficial in turning around this housing crisis."

Stevens' appointment is subject to confirmation by the United States Senate.

Long & Foster® Real Estate, Inc. is the largest privately held residential real estate company in the United States.  The company is part of The Long & Foster® Companies, which also includes Prosperity Mortgage® Company; Long & Foster Insurance Agency, Inc.; and Long & Foster Settlement Services.  Long & Foster Real Estate, Inc. represents more than 13,000 agents in seven Mid-Atlantic states, plus the District of Columbia. The company sold more than $26.4 billion worth of homes and 76,714 properties in 2008.  The Long & Foster Companies 2008 combined sales for the year were in excess of $48.9 billion.

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