Richard K. Green, director of the University of Southern California Lusk Center for Real Estate, will leave his role for a one-year appointment to the U.S. Department of Housing and Urban Development.
Green was named the senior adviser for housing finance, and as of July 1 replaces Edward Golding, who will head the Federal Housing Administration.
“I think the most important part of the job is I will be part of a group of three people -- one person from the Treasury, one person from the White House and one from HUD, that’s me -- to try to develop housing finance reform that maybe could drop in the next administration,” Green said Wednesday in San Diego during his a housing outlook presentation at the 2015 PCBC, the largest homebuilding tradeshow representing the West Coast region.
Green said most components of the new position are related to the GSEs and the Federal Housing Administration.
“I don’t think Fannie and Freddie are sustainable as they are right now,” Green said at PCBC at the San Diego Convention Center, in what would be his last public comments about current policy, at least for the next year.
Green will advise on how to create a sustainable housing system that provides support during market disruptions, one of HUD’s top strategic objectives, according to a news release about the appointment.
Green has years of experience in real estate finance and economics, and has taught at The George Washington University School of Business, the University of Wisconsin-Madison and the University of Pennsylvania’s Wharton School.
He also has been principal economist and director of financial strategy and policy analysis at Freddie Mac.
He earned his Ph.D. and M.S. in economics from the University of Wisconsin-Madison, and his A.B. in economics from Harvard University.
Raphael Bostic, director of the USC Bedrosian Center on Governance and former assistant HUD secretary, was named interim director.
Bostic is no stranger to the role, as he was the Lusk Center’s interim director prior to joining HUD for the first three years of the Obama administration.
Bostic will direct both centers until Green returns to USC after June 2016.