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New HUD secretary confirmed; MBA sees rising foreclosures

Real estate roundup

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The following is a real estate news roundup: Preston confirmed as housing secretary Steve Preston has been unanimously approved by the Senate to serve as secretary of the U.S. Department of Housing and Urban Development (HUD). Preston was in charge of the Small Business Administration when President Bush nominated him to take charge of HUD in the wake of Housing Secretary Alphonso Jackson's resignation (see Inman News story). In a statement, Bush called Preston "a strong leader whose understanding of our financial markets and strong management skills make him highly qualified to serve in this important position." It will be up to Preston to decide whether to push forward with HUD's proposed changes to the Real Estate Settlement Procedures Act, or RESPA, in the face of strong opposition from some quarters of the industry (see story). Mortgage bankers: Foreclosures up, applications down The Mortgage Bankers Association reports that mortgage delinquencies, the ra...