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HOPE NOW testifies on progress and helping homeowners avoid foreclosure

National Mortgage Professional
Apr 15, 2008

President Bush nominates new HUD secretaryMortgagePress.comSteve Preston, Small Business Administration, Alphonso Jackson U.S. President Bush recently nominated Steve Preston, head of the Small Business Administration, to be the new secretary of the U.S. Department of Housing and Urban Development (HUD). Preston would take over from Alphonso Jackson, who stepped down amid allegations of nepotism and other improper conduct. Bush told reporters at the White House that Preston, who took charge of the SBA in 2006, was a "consensus builder" and an "experienced manager." The Times-Picayune said Preston received good reviews for overhauling the SBA's disaster loan program after Hurricane Katrina. The National Association of Mortgage Brokers, on behalf of its 25,000 small business members nationwide, expressed support for President Bush's nomination of Preston to succeed Jackson as HUD secretary. "Administrator Preston's extensive knowledge and experience on how finance impacts the housing market will benefit all homeowners," said NAMB Executive Vice-President Roy DeLoach. "Mortgage Brokers and other small business owners have worked with Administrator Preston at the SBA, and we look forward to continuing our work with him to tackle major issues facing HUD." As the federal government explores alternatives to address the current mortgage and housing crisis, it is imperative that Preston be confirmed by the Senate as quickly as possible. Preston's leadership is critical to achieving comprehensive Federal Housing Administration reform and continuing HUD's efforts to help American families and revive our economy. Kieran P. Quinn, CMB, chairman of the Mortgage Bankers Association, commended the announcement that President Bush intends to nominate Preston. "I want to thank the President for moving quickly to replace the outgoing HUD secretary," said Quinn. "At SBA, Mr. Preston has demonstrated that he has a strong understanding of the role that the government can play in helping businesses succeed and build stronger communities. Mr. Preston will have a number of important projects to complete at HUD. We look forward to working with him on efforts to stabilize the housing market and help at-risk borrowers. With a short period of time remaining and a lot of work to be done, I hope the Senate will confirm Mr. Preston quickly." For more information, visit
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