Steven Preston Confirmed as New HUD Secretary
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Steven Preston, a former executive with Service Master, was confirmed as head of the Housing and Urban Development Department. The role will be fairly significant as a 300 billion dollar legislation is going through the Congress presently that will address the present problems with the mortgage industry.
Preston is likely to be lead negotiator as Congress and the White House work on legislation to allow the Federal Housing Administration to insure up to $300 billion in refinanced mortgages, including many in which the mortgages exceed the value of their homes.
In a statement Thursday, President Bush said Preston’s understanding of financial markets and his management skills qualifies him to assume the post. “He will aggressively work to ensure that the department remains focused on its mission of making housing more affordable and helping Americans keep their homes,” Bush said.
The confirmation of Preston to head the Housing and Urban Development Department, by unanimous voice vote, came as the Senate approved a host of other nominations. An unrelated spat between Senate Democrats and Republicans had scuttled efforts to approve Preston before the Senate’s Memorial Day break. via The Associated Press
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