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
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)
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(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.”