Laurie Maggiano, the Consumer Financial Protection Bureau’s program manager for servicing and secondary markets, died following a cardiac arrest, according to a family statement posted online. She was 64.
Prior to joining the CFPB, Maggiano was the director of policy for the Treasury’s Office of Homeownership Preservation and played a key role in the creation of the Home Affordable Modification Program. She also was instrumental in the creation of the CFPB’s mortgage servicing rule.
“During what was an unprecedented moment in housing finance, Laurie led the way in getting the industry, government, nonprofit and investor stakeholders through uncharted territory. She helped to standardize programs like HAMP, which became the centerpiece for helping consumers stay in their homes and avoid foreclosure, and improve alternatives to foreclosure such as short sales that allowed consumers to exit their homes gracefully,” said Alanna McCargo, a co-director of the Urban Institute’s Housing Finance Policy Center, who worked with Maggiano on the center’s Mortgage Servicing Collaborative initiative.
Maggiano was known in the industry for her ability to bridge large and diverse groups and help them find common ground on divisive servicing issues. Prior to her work in the public sector, she ran the Federal Housing Administration’s loss mitigation program, served as senior vice president at a savings bank, and was the director of real estate at Freddie Mac. She also consulted extensively in the nonprofit housing sector.
“Those of us who were privileged to work with Laurie were enriched by the depth and breadth of her knowledge, her generous spirit, and by her remarkable ability to be passionate and dispassionate at one and the same time. She will be greatly missed,” said David Silverman, CFPB associate director for research, markets and regulations.
“Laurie Maggiano was one of the smartest, kindest, most genuine people in the mortgage industry, and will be sorely missed. Throughout her career — most notably in her recent roles at Treasury and the CFPB — she was often the voice of reason during turbulent times, building consensus among regulators, consumer advocates, lenders and mortgage servicers,” said Rick Sharga, executive vice president at online real estate marketplace Ten-X.
“Her work as an architect of the government’s HAMP program benefited hundreds of thousands of distressed homeowners, and provided a much-needed framework for the servicing industry to create proprietary loan modification programs,” Sharga said.
Maggiano is survived by her children Chase Maggiano and his husband, Chris; Grey Maggiano and his wife, Monica; and two grandchildren, Isabella and Nicolas.