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Bush Tabs 'Problem Solver' to Head HUD

New secretary must face the housing market's troubles

By Nick McMaster, Newser Staff

Posted Apr 18, 2008 3:15 PM CDT

(Newser) – With the housing market in turmoil, President Bush is turning to an investment banker-turned-bureaucrat to head HUD, the Washington Post reports. Steven Preston, 47, has run the Small Business Administration since 2006 after a stint at Lehman Brothers; he succeeds Alphonso Jackson, who announced his resignation 2 weeks ago amid allegations of uethical misconduct.

An administration official described Preston as "a problem solver who knows how to tackle complex challenges" and said his finance experience appealed to the president. “Steve Preston is an experienced manager,” Bush said. “He will play a central role in helping address our nation's housing challenges.”

President Bush introduces Small Business Administration head Steve Preston as his nominee for Housing and Urban Development Secretary, Friday, April 18, 2008, in the Roosevelt Room of the White House... (AP Photo/Gerald Herbert)

President Bush introduces former Small Business Administration head Steve Preston as his nomination for Housing and Urban Development Secretary, Friday, April 18, 2008. (AP Photo/Gerald Herbert)

President Bush waves after introducing Small Business Administration head Steve Preston as his nominee for Housing and Urban Development Secretary, Friday, April 18, 2008, in the Roosevelt Room of the... (AP Photo/Gerald Herbert)

President Bush introduces former Small Business Administration head Steve Preston as his nominee for Housing and Urban Development Secretary, Friday, April 18, 2008, in the Roosevelt Room of the White... (AP Photo/Gerald Herbert)

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Bush Tabs 'Problem Solver' to Head HUD

New secretary must face the housing market's troubles

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Housing and Urban Development • housing crisis • subprime crisis • George W. Bush • Alphonso Jackson • Steve Preston • Small Business Administration

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Perry Gave Huge Tax Grants to Subprime Lenders

Countrywide, WaMu got $35M as they upped risky loans

SEC Poised to Charge Fannie, Freddie Execs

But regulatory agency disagrees, and nothing has yet been filed

Don't Blame Fannie for Mess

Wall Street, banks, and government also at fault

White House Slams NYT Story as 'Gross Negligence'

Perino: Shoddy 'reporting' behind housing crisis story

How Bush Fueled the Mortgage Mess

His philosophy at center of housing crisis

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Bush Tabs 'Problem Solver' to Head HUD

New secretary must face the housing market's troubles

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OTHER STORIES ON OUR RADAR

Housing and Urban Development • housing crisis • subprime crisis • George W. Bush • Alphonso Jackson • Steve Preston • Small Business Administration

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Perry Gave Huge Tax Grants to Subprime Lenders

Countrywide, WaMu got $35M as they upped risky loans

SEC Poised to Charge Fannie, Freddie Execs

But regulatory agency disagrees, and nothing has yet been filed

Don't Blame Fannie for Mess

Wall Street, banks, and government also at fault

White House Slams NYT Story as 'Gross Negligence'

Perino: Shoddy 'reporting' behind housing crisis story

How Bush Fueled the Mortgage Mess

His philosophy at center of housing crisis

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?