Industry News

Bush taps ex-ServiceMaster exec to run HUD

Steve Preston currently in charge of Small Business Administration

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Steve Preston, a 47-year-old University of Chicago MBA who currently heads up the Small Business Administration, has been nominated to succeed Alphonso Jackson as the Bush administration's Secretary of Housing. Preston's time at the Department of Housing and Urban Development may be brief, as he can expect to be replaced after the next president takes the oath of office Jan. 20. His appointment follows Jackson's resignation amid allegations that he used his position to help friends and thwart political opponents (see Inman News story). In announcing Preston's nomination, Bush called Jackson "a decent man, a dedicated man and ... a compassionate man" who "worked tirelessly at HUD to help America's homeowners." Bush said HUD Deputy Secretary Roy Bernardi will serve as acting secretary until Preston is confirmed by the Senate, and asked lawmakers to "quickly consider Steve Preston and to ratify him on a timely basis." Preston, who holds a maste...