President George W. Bush is expected to announce his nomination of Steve Preston, head of the Small Business Association, as the new chief of the Department of Housing and Urban Development.
"The announcement, expected on Friday, comes as the Department of Housing and Urban Development, which oversees the nation's sprawling public housing stock, is struggling to help stanch the flood of foreclosures across the country."
"The Bush administration is counting on the Federal Housing Administration, the branch of HUD that insures mortgages, to protect hundreds of thousands of troubled homeowners from the risk of foreclosure by helping them refinance shaky subprime loans, making them stable government-backed mortgages."
"Officials said that Mr. Preston would be well positioned to handle the housing crisis, given his experience in government and in the private sector. Mr. Bush is expected to announce his nomination this afternoon in the Roosevelt Room of the White House."
"'He has a strong financial background and understands the important role the housing market plays in our economy,' said the senior administration, who discussed Mr. Preston's nomination on condition of anonymity."
"Before being named S.B.A. administrator in 2006, Mr. Preston served as executive vice president of the ServiceMaster Company, a multibillion-dollar corporation whose businesses include TruGreen ChemLawn, a lawn care company, and Terminix, a pest control company."
FULL STORY: Bush Announces HUD Pick
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