Bush Nominates HUD Secretary
President Bush today nominated Steve Preston, head of the Small Business Administration (SBA), to be the next secretary of the Department of Housing and Urban Development (HUD).
During his tenure at the SBA, Preston has managed loan guarantee programs that are similar in structure to those run by the Federal Housing Administration, said Bush in his announcement.
Preston’s nomination follows Alphonso Jackson resignation from HUD’s top post. The last day of Jackson’s troubled tenure was April 18. He left office amid allegations of political favoritism and investigations about whether he steered lucrative housing contracts to friends.
The choice of Preston comes as a surprise to those who had speculated that the nominee would come from within HUD. Preston has been head of the SBA since July 2006. He is credited with streamlining the agency’s work in providing loans to small businesses and homeowners devastated by Hurricane Katrina.
During his tenure at the SBA, Preston has managed loan guarantee programs that are similar in structure to those run by the Federal Housing Administration, said Bush in his announcement.
Preston’s nomination follows Alphonso Jackson resignation from HUD’s top post. The last day of Jackson’s troubled tenure was April 18. He left office amid allegations of political favoritism and investigations about whether he steered lucrative housing contracts to friends.
The choice of Preston comes as a surprise to those who had speculated that the nominee would come from within HUD. Preston has been head of the SBA since July 2006. He is credited with streamlining the agency’s work in providing loans to small businesses and homeowners devastated by Hurricane Katrina.
posted by Donna Kimura at 10:28 AM
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