WASHINGTON – President Bush
has chosen SBA Administrator Steve Preston to take over as head of the
government’s housing agency at a time of crisis in the industry, the
White House announced on Friday.
Preston has a background of 25 years in financial and operational
leadership positions. Before joining SBA, he was executive vice
president of The ServiceMaster Co., where he also served as chief financial officer. Before that, he was a senior vice president and treasurer of First Data Corp. and an investment banker at Lehman Brothers.
When Alphonso resigned I thought it wasn’t due to the alleged cronyism or investigations or Congressional calls for his resignation as much as BushCo and friends wanting someone different at HUD to deal with the housing crisis. This appointment does not dissuade me of such thought.