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(Photo: AP Photo/Gerald Herbert)
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Steve Preston, formerly the Small Business Administration Administrator, officially took over as head of the government's housing agency at a time of crisis in the industry.
Preston was sworn in June 6, 2008, replacing Alphonso Jackson, who announced his resignation March 31, 2008, amid allegations of political favoritism and a criminal investigation.
Jackson left behind the wreckage of a national housing crisis and a trail of unanswered questions about whether he tilted the Housing and Urban Development Department toward Republican contractors and cronies.
Preston took charge at a time of chaos in the housing market. Foreclosures have surged to record highs as rising interest rates and the collapse of the once high-flying housing market have made it impossible for some to afford their monthly mortgage payments or sell their homes.
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.
Jackson was the federal housing agency's No. 2 man before President Bush chose him to succeed Mel Martinez in December 2003. Before his appointment to HUD, Jackson was Texas president of American Electric Power, an energy and utility company based in Columbus, Ohio. Previously, the Dallas native served as chief executive officer of the Dallas Housing Authority from 1988 to 1996. He has also headed the housing agencies for Washington, D.C., and St. Louis. Jackson holds undergraduate and graduate degrees from Truman State University in Kirksville, Mo., and a law degree from Washington University. He and Mr. Bush are old friends from Texas.
At the time of his resignation, Martinez was being pressed by the White House to run for the Senate from Florida. He mentioned nothing about political plans when he stepped down, but eventually entered – and won – the race to succeed retiring Democratic Sen. Bob Graham. Born in Cuba, he is the state's first Hispanic senator and the first Cuban-American in the Senate. He attended Florida State University for undergraduate and law school; he was elected chairman of the Orange County Commission in 1998 and appointed as HUD Secretary by President Bush in 2001. Martinez said that he was the only HUD Secretary who was once homeless.
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