Katie, we have known one another since the early 2000s and I remember meeting you when I was a member of the Housing Policy Council (HPC) and then ended up leading the HOPE NOW Alliance. A grounding recollection for me of you was … wow, how does she get all of this done in a day? You were amazing then and you are amazing now. One thing we all have in common from the crisis era experience is how valuable the team work was to get big things done with few resources. I remember thinking you were really a talented lawyer (while you were in law school) and knew then you would continue to make a difference in the lives of many.
Thanks for sitting down for today’s interview. Let’s walk through your journey to share your story.
Faith Schwartz: Katie, you just became a named partner to the firm you represent (Sivon, Natter & Wechsler, P.C.) – what an accomplishment for you! Tell us how you came to be a lawyer and decided to go to night school to accomplish this.
Katie Wechsler: First of all, thank you so much for those kind words. Likewise, my respect and appreciation of you runs deep.
To be absolutely sure I wanted to go to law school, I didn’t want to go straight from college. I decided to delay the decision for a couple years and first get some “real world” experience. I’m so thankful I did because that experience helped make me a more dedicated and focused student, and subsequently, lawyer. My first job was at the HPC, and there my intrigue and interest in the interplay of public policy and the law, how they shape each other and how they evolve over time only grew. I knew that what I would learn at law school would be beneficial to the organization and my place in it. So when it was time to start law school, and knowing I did not want to leave my position at HPC, I began the four (grueling) years of night school at GW Law. That time taught me a lot about prioritizing, handling several projects at one time, and being able to devote time to one specific project and then quickly changing gears to focus on another project.
FS: What led you to the Housing Policy Council and for our readers, can you describe who this group is?
KW: I’m very proud to say that I was the first employee of HPC. After interning at the Financial Services Roundtable during a college summer, I asked former Congressman Steve Bartlett (then President and CEO of FSR) to serve as a reference for me in my pursuit of a job after college. He said he was happy to do so, but offered an alternative – come work for him at FSR to help set up the newly formed Housing Policy Council. As a subsidiary of FSR, HPC would represent the largest mortgage originators and servicers on public policy matters before Congress and the financial services regulators. It’s funny to think that one of our top priority issues in that first year (2003!) was GSE/housing finance reform. Some things don’t change!
While I left HPC in 2010, I’m still very connected to it through my firm’s work for the organization. I’m so impressed with what HPC has accomplished over the years and what it has become under the leadership of Ed DeMarco and Meg Burns, both of whom are true leaders in this field. It’s a real privilege to be able to support the thought leadership and subject matter expertise they and the HPC team bring to housing policy discussions.
FS: In the early days of HOPE NOW, we were shoulder to shoulder working with the industry, Congress, the administration, non-profits, Wall Street, and top bankers to align interests and work to prevent foreclosures wherever possible. You were an amazing help, especially in the earliest years, 2007-08 where we had few resources to accomplish very large tasks. What is your memory and driver of that period?
KW: I’m sure you remember how we at HPC/FSR convinced you to come help us with foreclosure prevention work for a “short-term” project. And then you were the leader of HOPE NOW for 5 years! What a scramble those early days were – I remember lots of hours in your office working through possible “waterfalls” on your white board. And I know you are interviewing me, but I have to say that I’m still so impressed with what you were able to accomplish with HOPE NOW. You brought so many different groups together for one purpose to help homeowners avoid foreclosure. I was happy to play even a small role in those efforts.
I’ve been thinking about those days recently as there are so many comparisons to our current crisis. A small silver lining of this crisis is the opportunity to show how much the mortgage servicing industry has changed for the better. The speed and capacity at which they transitioned to WFH and quickly assisted millions of homeowners was impressive. As you well know, Faith, it wasn’t that smooth in the last crisis. As it has been often said, this crisis isn’t the last crisis, for many reasons.
FS: As you grew in your career as a very capable and savvy financial services regulatory attorney, you offer a unique way of hearing the business issue and drawing up language and strategies to adapt or communication with Congress, regulators, and other stakeholders. How did you become so proficient at learning the regulations, writing the rules, writing testimony and or giving advice on how to manage through these complex issues?
KW: It helps that I grew up in the industry. We had such a small staff at HPC that I was often given tasks that forced me to learn quickly – whether that was assessing legislation or drafting letters to policymakers or Congressional testimony. I’m fortunate to have had great mentors along the way. Paul Leonard taught me so much about the ways of Congress; my partners Jim Sivon, Ray Natter, and Bob Barnett (now retired) have made me such a better lawyer through countless redrafting of letters to long conversations debating the right policy solution. Also, the learning never ends. There are always new problems arising that require a deep dive into the history of it and exploring all possible solutions. Technology is reshaping every aspect of financial services, and it’s a continual and exciting challenge to work with HPC and our other clients to “look around the corner” in anticipation of how innovation and policy will intersect – or collide!
My strong interest in the interplay of public policy and the law, and my love of problem solving are so integral to what I do. Our firm focuses on policy matters, assisting clients in assessing the impact of current and proposed legislation and regulation and creating solutions to solve the problems that may arise based on those assessments. The legislative and rulemaking processes are long, with many setbacks along the way, so you must be pragmatic in how you are approaching an issue. You must consider all angles and come up with several possible ways to reach your end goal.
FS: What would you tell young lawyers, just starting out, about how to think about a career as a lawyer in financial services?
KW: Join us! Especially if you are a woman – our numbers are growing but we need more! But seriously, this is an interesting field and there’s a lot of different aspects of it that can lead to a fulfilling career. It wasn’t that long ago when financial services was thought of as an “old,” “stuffy” and “slow” industry. That has changed a lot: It really is a dynamic industry, particularly as it relates to laws and regulation since much of the expansive body of financial rules are decades old and never contemplated the types of changes we are experiencing today.
And I am happy to help and support you in anyway I can. Also, I highly recommend joining Women in Housing & Finance. As you know, Faith, it’s a great organization and way to meet others in this field.
FS: All during your transition to a very active career as a lawyer in DC, working with the nation’s largest banks and mortgage companies, you happened to get married and have two children. What more can you tell us about one of your favorite things to do with your family?
KW: What a sweet question. Another silver lining of this pandemic Is the amount of time (and meals) the four of us have had together. While we have certainly had difficult moments managing WFH and a 6- and 4-year-old running around the house, we are so fortunate in countless ways. I’m loving the ages of my boys right now – we are really getting to do fun things together – bike rides, teaching them how to play baseball, and lots and lots of puzzles. And we can’t forget Friday night pizza night and Sunday sushi and movie night (Toy Story 4 is next up). Ok, that was way more than one, but I couldn’t help myself!
FS: In closing, what else can you add?
KW: I’ve said it already some, but I won’t let an opportunity pass without praising and thanking you for all of your advice, guidance, and wisdom over the years. I’m lucky to count you as one of my mentors, and I have learned so much from you, especially as you navigated the housing recession. Women supporting women is so crucial, and I’m fortunate to count you and Dana as friends. Thank you for interviewing me and for your friendship.
At Housing Finance Strategies, we are leading change in all things housing. By interviewing key executives like Katie Wechsler, our intent is to educate and encourage the industry to constantly grow and evolve. Katie is an example of a leader who enjoys her work, her clients and consistently makes a difference … ultimately impacting millions of homebuyers.
As the new administration takes hold, and agencies fill their policymaking ranks, we are fortunate to have legal minds like Katie’s to guide us through. We are well positioned to learn and address opportunities the industry has in front of us. What a powerful interview!
Thanks so much to Katie for taking the time. And as I like to say: Grow, lead and mentor your peers!