GLEN ALLEN, Va.--(BUSINESS WIRE)--
Dynex Capital, Inc. (NYSE: DX) announced today the election of David H.
Stevens to the Company’s Board of Directors effective January 1, 2019.
Mr. Stevens has also been appointed to the Investment Committee of the
Board. The Company amended its bylaws to increase the number of
directors from five to six to accommodate the election of Mr. Stevens.
Mr. Stevens most recently served as the President and CEO of the
Mortgage Bankers Association for the past 7 years. In 2009, Mr. Stevens
was called on to serve in the Obama Administration and, after being
confirmed by the U.S. Senate, served as Assistant Secretary of Housing
and Federal Housing Commissioner until 2011. Prior to this, Mr. Stevens
held the position of President and Chief Operating Officer of the Long &
Foster Companies, including the core real estate company and all
affiliated businesses of mortgage, settlement services, and insurance.
Prior to that, Mr. Stevens ran the national wholesale lending business
as Executive Vice President for Wells Fargo Home Mortgage, and before
that spent 7 years as the Senior Vice President and head of the
single-family business at Freddie Mac.
“It is with great pleasure that we welcome David to the Board. He brings
an important skill set to our Board with his broad and unique career
experiences, combining significant knowledge of real estate finance,
mortgage banking and public policy related to the U.S. housing finance
system accrued over more than 35 years,” said Michael R. Hughes,
Chairman of the Board.
Byron L. Boston, President and Chief Executive Officer commented,
“David’s experience will be extremely beneficial given the anticipated
changes in the real estate finance industry as the Federal Government
seeks to alter its historical role by reducing the GSE footprint and the
Federal Reserve’s balance sheet. We believe there will be a need for
greater private capital participation in the U.S. housing system and he
will be extremely helpful as we navigate this changing landscape.”
Mr. Stevens attended the University of Colorado at Boulder receiving his
B.A. in Political Science. He holds a Certified Mortgage Banker (CMB)
designation, an expert mortgage banker certification facilitated by the
Mortgage Bankers Association. Mr. Stevens is founder and board member of
MBA Opens Doors Foundation, which helps families with critically ill
children make their housing payment.
Dynex Capital, Inc. is an internally managed real estate investment
trust, or REIT, which invests in mortgage assets on a leveraged basis.
The Company invests in Agency and non-Agency RMBS, CMBS, and CMBS IO.
Additional information about Dynex Capital, Inc. is available at www.dynexcapital.com.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release regarding the
business of Dynex Capital, Inc. that are not historical facts are
“forward-looking statements” that involve risks and uncertainties. For a
discussion of these risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see “Risk Factors” in the Company’s Annual Report on Form
10-K and other reports filed with the Securities and Exchange Commission.
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Alison Griffin
804-217-5897
Source: Dynex Capital, Inc.