Obama Picks Donovan for HUD Secretary

The early comments regarding the appointment by president-elect Barack Obama of Shaun Donovan to run the Department of Housing and Urban Development have been favorable. Mr. Donovan 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. Mortgage Bankers Association chief operating officer John Courson said, "His work in the private, non-profit and academic sectors gives him a unique perspective on the current turmoil in the housing market and he has been widely hailed during his time as New York City's Housing Commissioner. We look forward to working with him to solve the ongoing crisis in the U.S. housing market." Current HUD secretary Steve Preston said, "As the former acting commissioner of FHA, Commissioner Donovan is well aware of the issues facing American homeowners and the need for HUD to continue being a major force in helping stabilize the mortgage market. Commissioner Donovan will take over a department that is in a better position today than ever before to serve the millions of Americans who count on HUD." 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."