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
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
Times-Picayune said Preston received good reviews for
overhauling the SBA's disaster loan program after Hurricane
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
"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 www.namb.org.