Senate Confirms Preston as Housing Chief

Reuters (06/05/08); Allen, JoAnne
Small Business Administration chief Steve Preston will replace Alphonso Jackson as secretary of HUD. Nominated by President George Bush in April, Preston received Senate confirmation late on June 4. "The department requires strong leadership at a time when our housing market is experiencing a period of challenge and uncertainty," Bush said when he introduced Preston as his nominee. Jackson's resignation over questions about his involvement in awarding government contracts now thrusts Preston into a leadership role as the nation addresses rising foreclosures and defaults on mortgages, a slowdown in construction and new-home sales, costly write-downs by banks and a potential recession.