During Saturday's weekly Democratic Radio Address, President-elect Barack Obama announced that he will nominate Shaun Donovan, currently New York City Commissioner of Housing Preservation and Development, as Secretary of Housing and Urban Development (HUD).
In the address, President-elect Obama explained that the mortgage crisis and rising foreclosures threatens to shake "the foundation of the American Dream."
There is nothing more fundamental than having a home to call your own. It's not just a place to live or raise your kids or return after a hard day's work – it's the cornerstone of a family's financial security.To stem the rising tide of foreclosures and strengthen our economy, I've asked my economic team to develop a bold plan that will dramatically increase the number of families who can stay in their homes. But this plan will only work with a comprehensive, coordinated federal effort to make it a reality. We need every part of our government working together – from the Treasury Department to the Federal Deposit Insurance Corporation, the agency that protects the money you've put in the bank. And few will be more essential to this effort than the Department of Housing and Urban Development.
President-elect Obama praised Donovan's long record on housing reform issues and his leadership in expanding access to affordable housing. As Commissioner of Housing Preservation and Development in New York City, Donovan has helped create the largest municipal affordable housing plan in the nation. Donovan served at HUD during the Clinton Administration, and also worked in both the business and non-profit sectors where he helped make responsible homeownership and access to affordable housing a reality for American families.
Comments are closed for this post.
