President-elect Barack Obama has named a former commercial mortgage executive as his choice to head the U.S. Department of Housing and Urban Development. This will be the second term at HUD for the nominee.
In a weekly radio address Saturday, Obama announced his nomination of Shaun Donovan as HUD secretary, according to a transcript of his prepared statement. Donovan currently serves as commissioner of New York City’s Department of Housing Preservation and Development. The HUD nomination is a more important nomination than most years, because the HUD secretary is sure to play a key role in cleaning of the mortgage industry in hopes of ending the foreclosure crisis. Get the latest mortgage news online.