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Senate panel to quiz proposed housing chief
May 21, 2008 / 2:55 AM / 9 years ago

Senate panel to quiz proposed housing chief

WASHINGTON (Reuters) - The Senate Banking Committee is scheduled on Thursday to question President George W. Bush’s nominee to run the Department of Housing and Urban Development.

<p>Construction workers are seen at a townhouse complex for sale from the low $200,000s in a Denver, Colorado suburb May 16, 2008. REUTERS/Rick Wilking</p>

In mid-April, Bush nominated Steven C. Preston to head the nation’s largest government housing agency and replace Alphonso Jackson who resigned from the post in late March after facing accusations that he played favorites with government contracts.

HUD oversees the Federal Housing Administration, which is the largest government-backed homeowner-aid program, and plays a role in overseeing the work of mortgage-finance companies Fannie Mae and Freddie Mac.

Some time after Preston’s hearing, the banking panel will vote on his nomination. If confirmed by the full Senate, Preston would be set to serve the rest of the Bush term, which ends in January.

Editing by Frank McGurty

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