The department of Housing and Urban Development’s (HUD) Secretary, Alphonso Jackson, has resigned effective April 18, 2008.  Although many have called for his resignation, Mr. Jackson states that he has chosen to step down due to personal issues.  The President has wasted no time in nominating Steve Preston to be his successor. 

Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) issued the following statement after the White House announcement, “I want to thank the President for moving quickly to replace the outgoing HUD secretary.  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.”

Hopefully, Mr. Preston can join HUD and help to ease the mortgage crisis that continues to plague parts of our country.

Kim Shuford