Obama Picks Donovan for HUD Secretary

President-elect Barack Obama said he has picked Shaun Donovan to run the Department of Housing and Urban Development and help his administration reduce foreclosures and expand access to affordable housing. The nominee for HUD secretary is presently the commissioner of the New York City Department of Housing Preservation and Development. He served at HUD during the Clinton administration as deputy assistant secretary for multifamily housing. After leaving HUD, Mr. Donovan worked at Prudential Mortgage Capital Co. as managing director for Federal Housing Administration lending and affordable housing investments. He has master's degrees in public administration and architecture from Harvard University. Mr. Obama said his economic team is developing a "bold plan" to stem a rising tide of foreclosures. He emphasized that the country needs a coordinated federal effort with the Treasury Department, FDIC and HUD working together to "dramatically increase the number of families who can stay in their homes."