Daily Real Estate News  |  April 21, 2008  |   SBA Head Picked to Run HUD
The White House has chosen a former executive with ServiceMaster Co., Steven Preston, to head the Department of Housing and Urban Development.

Preston, who has headed the Small Business Administration since 2006, has been recognized as an effective administrator, but critics say his experience as chief financial officer at Service Master, a home-services company that owns Terminix and Merry Maids, isn’t enough to qualify him to run HUD.

Preston must be confirmed by Senate Democrats before he can take over at HUD, His confirmation likely would provide a bargaining chip for Senate leaders aiming to pass reforms in response to the current housing crisis.

Approval by Senate Banking Committee Chairman Christopher Dodd is key in order for a vote to take place. Dodd has stalled White House nominations before, delaying votes on three nominations to the Federal Reserve for almost a year.

Preston would replace Alphonso Jackson, who resigned under pressure.

Source: The Wall Street Journal, Damian Paletta and Henry J. Pulizzi (04/19/2008)

NAR has issued a statement in support of Steven Preston's nomination.