Senate Confirms Preston as HUD Secretary

MBA (6/6/2008 ) MBA Staff
The Senate yesterday unanimously confirmed Steven Preston as HUD secretary. Preston, who served formerly as head of the Small Business Administration, will succeed Alphonso Jackson, who resigned in April.
Mortgage Bankers Association Chairman Kieran Quinn, CMB, said MBA would work with Preston during the remainder of his term.

"MBA is pleased that the Senate acted swiftly in confirming Mr. Preston as Secretary,” Quinn said. “Mr. Preston has many years of leadership experience in the financial services industry and there is no doubt that his experience will translate well into handling the challenges that the US housing market is currently facing.”

President George W. Bush, who nominated Preston, issued a statement praising the Senate’s action. “Steve is a strong leader whose understanding of our financial markets and strong management skills make him highly qualified to serve in this important position,” he said. “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. Steve is also a consensus builder who will build on our efforts to work with Congress on responsible legislation addressing our Nation’s housing policies.

Quinn noted that Preston has a “strong understanding of the role that government can play in helping businesses succeed and build stronger communities. Helping at-risk borrowers and stabilizing the real estate market are our top priorities and we look forward to working with the new secretary on finding appropriate solutions to preserving the American dream of homeownership."