HUD secretary to solve foreclosure crisis
Posted by RealEstateGuru
Shaun Donovan, the secretary of the HUD (Department of Housing and Urban Development) is expected to face the greatest challenge of ameliorating the foreclosure issue to revive a nation, hit by one of the worst economic crisis in recent times. The president, Barrack Obama also declared that his secretary would make homes available at an affordable rate.
According to Ben Bernanke, Chairman Federal Reserve, banks are all geared up to foreclose about 2.25 million homes, higher than their previous rate of one million homes and less in earlier years. According to reports submitted by Mortgage bankers Association, one person of every 10 property owners have failed to make mortgage payments or have been hit by the foreclosure crisis. Obama in this situation declared that, he will make use of the second half of the $700 billion fund for economic bailout, sanctioned by the Congress to bring down the foreclosure rate.
A 42-year architect from Harvard University, Shaun Donovan is estimating a $7.5 billion project in New York to maintain about 165,000 houses at reasonable rates. Most of the eminent personalities of the city feel that they have just reached halfway. Donovan remarked last year in June “New York City and cities like us across the country cannot preserve this resource on our own”. He further maintained “We need the commitment and partnership of the federal government”. Obama nominated cabinet positions including the ministers of Treasury and Commerce departments, HUD in view of the economy.
Hailing from New York, Donovan holds a master’s degree in public administration and architecture. He also worked as the principal assistant HUD secretary for multifamily housing under President Bill Clinton.
Foreclosure HUD New York Obama Secretary Shaun Donovan
2 Responses to “HUD secretary to solve foreclosure crisis”
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March 2nd, 2009 at 2:13 pm
Here’s hoping they can find a solution and see positive results quickly
June 6th, 2009 at 4:45 pm
Hi there, I found your blog via Google while searching for foreclosures and I appreciate your insight on the subject. thanks