New HUD Secretary Selected

Washington, D.C.–The Senate confirmed President Bush’s pick for the new head of the Housing and Urban Development Department, the New York Times reported Thursday.Steven Preston–former Small Business Administration Administrator and prior executive at ServiceMaster Co., a network of more than 5,000 home care businesses–will be the new housing secretary.Preston will serve as a key representative in the ongoing debate over the legislation to allow the Federal Housing Administration to insure up to $300 billion in refinanced mortgages, the Times said.