Bush Announces Nomination of New Hud Chief

April 18, 2008 No Comments »


President Bush today announced the nomination of Steve Preston as the new Secretary of Housing and Urban Development, following the resignation of Alphonso Jackson a few weeks ago.

Preston is currently the head of the Small Business Administration and has taken part in efforts to help more than 160,000 Gulf Coast families affected by Hurricane Katrina, managing loan guarantee programs similar to those run by the Federal Housing Administration.

Deputy Secretary Roy Bernardi stepped in to serve as Acting Secretary of the HUD after Jackson resigned amid allegations of favoritism and cronyism.

Most notably, Jackson was accused of bullying the Philadelphia Housing Authority after it refused to transfer a valuable property to one of his business associates.

Preston will have some big shoes to fill assuming he is confirmed, and hopefully he will bring meaningful change to the HUD.

It’s more important than ever, as FHA loans and VA loans have been growing rapidly in popularity since the mortgage crisis swept in.

(photo: vincentmaher)

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