WASHINGTON (AP) - The man President Bush chose to head the Department of
Housing and Urban Development assured senators Thursday that he'll use his
limited time there to help solve the housing crisis.
"I'm a firm believer that we can get a lot done in eight months," Steven
Preston told the Senate Banking, Housing and Urban Affairs Committee.
Preston, currently head of the Small Business Administration, was nominated
to replace former HUD Secretary Alphonso Jackson, who resigned in March amid a
criminal investigation and allegations of political favoritism.
Bush's term ends in January, and his Cabinet secretaries likely will leave
with him.
"If confirmed, you will only be in office a short time," committee chairman
Christopher Dodd, D-Conn., noted. "But I urge that your first order of business
be to begin to clean up and restore confidence in HUD among employees and the
American public."
Preston also will be at the center of effects to help Americans fight record
high foreclosures. Rising interest rates and the collapse of the once
high-flying housing market have made it impossible for some to afford their
monthly mortgage payments or sell their homes.
The committee just approved legislation that would give cheaper,
government-backed mortgages to as many as 500,000 strapped borrowers. The bill
also tightens regulation of government-sponsored mortgage giants Fannie Mae and
Freddie Mac, which would finance a new affordable housing fund that would
temporarily be used to pay for the homeowner rescue.
"I believe you could be the linchpin in dealing with a lot of this mortgage
mess," said Sen. Richard Shelby of Alabama, ranking Republican on the committee.
"If I'm confirmed, I'm going to be at the table working collaboratively with
you all," Preston said.
Preston has a background of 25 years in financial and operational leadership
positions. Before joining SBA, he was executive vice president of The
ServiceMaster Co., where he also served as chief financial officer. Before that,
he was a senior vice president and treasurer of First Data Corp. and an
investment banker at Lehman Brothers.
Preston was sworn in as head of SBA in July 2006, after his nomination was
unanimously confirmed by the Senate.
Dodd said they would try to move Preston's nomination forward "as quickly as
we can."
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