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Obama Appoints a New York Official as HUD Secretary

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By : Leticia Carvalho    99 or more times read
Now that he has already been elected as the new President of the United States of America, he has started his actions by appointing a new Secretary of Housing and Urban Development. This person he has chosen is Shaun Donovan, a former New York City Housing Commissioner. Obama recognizes the lead role HUD plays in stopping the rise of foreclosures and rebuilding the efforts of the nation in expanding homeownership.

In Obama’s latest weekly address, he has stated that he has ordered his economic team to come up with a “bold plan” that would keep more people in their homes despite foreclosure threats. Of course, putting such plans into is accompanied by great costs; but Obama says it is necessary in restarting a slowed economy and laying foundations for growth.

Why Donovan? It is because he is someone with a broad experience in the issues that the department is facing. Talking about his experience in housing matters, Donovan has become a managing director of Prudential Mortgage Capital’s $1.5 billion affordable-housing investments, and in 2004, has led New York’s department of Housing Preservation and Development. He has also worked as the head of HUD’s multifamily housing and as the acting commissioner of the Federal Housing Administration during former President Bill Clinton’s term.

The challenge for Donovan is to help more families keep their homes. In fact, the congressional Budget Office has estimated that HUD could help 400,000 families in negotiating lower mortgage payments and remain in their homes for the next three years.

What makes Donovan even more qualified is leading the nation’s largest affordable-housing plan, which aims to preserve or build 165,000 housing units by 2003. This effort is now halfway, having financed more than 82,500 units now. Also, he has initiated efforts in providing financial education, legal and credit assistance to home owners who are very much prone to predatory lending.

Hopefully, Donovan’s expertise is the solution to the growing foreclosure problems.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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