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13 December 2008

Obama Names Housing Secretary

Shaun Donovan, New York City's housing commissioner was nominated by President Elect Obama to be the Secretary of Housing and Urban Development.

Donovan has said that addressing the mortgage crisis is essential for restoring the American Dream.

Obama has asked his economic team to develop a plan to keep Americans in their homes and stem the rise of foreclosures that are crippling the economy.

Donovan has experience working in business, academia and at HUD during the Clinton administration.

Last week jobless claims rose to a 30 year high and that 1 in 10 people who hold mortgages are in some form of distress, highest in ever recorded.

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