The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: Smiling Bob	1/13/2009 1:05:20 PM
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What a relief!!! Where's my principal reduction and rate cut? --- Obama housing nominee pledges more foreclosure aid Obama nominee for housing secretary promises stepped-up response to foreclosure crisis * Alan Zibel, AP Real Estate Writer * Tuesday January 13, 2009, 12:20 pm EST WASHINGTON (AP) -- President-elect Barack Obama's nominee for housing secretary pledged Tuesday to mount a more aggressive response to the foreclosure crisis as he prepares to take the helm of an agency under fire for being slow to react to the end of the U.S. housing bubble. Shaun Donovan, the 42-year-old commissioner of New York City's Department of Housing Preservation and Development, has received acclaim for his leadership of an effort to add 165,000 reasonably priced homes to New York's ultra-expensive housing stock by 2013. He will face more sweeping challenges in taking over the Department of Housing and Urban Development, which lawmakers say has failed to respond effectively to the surge of foreclosures and defaults.

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