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Obama nominates rising star as new head of Housing and Urban Development
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President Obama announced the nomination of San Antonio Mayor Julián Castro as the next secretary of Housing and Urban Development (HUD) on May 23. The current secretary, Shaun Donovan, is slated to be appointed the new director of the White House Office of Management and Budget (OMB).
The shift at the top of HUD would mark the first change of leadership since the troughs of the recession were suffocating the housing market.
Obama praised Donovan’s efforts to stabilize the housing market during his tenure as secretary, which began during the heart of the economic downturn in 2009.
“Few had a tougher job than Shaun Donovan,” Obama said. “The housing bubble that burst triggered the worst economic crisis of our lifetimes — and the irresponsibility of a few bad actors badly hurt millions of responsible, hardworking Americans. Home values had fallen 20 percent from the year before. New housing starts had fallen nearly 80 percent from their peak. Hundreds of thousands of construction workers were out of a job. And a record number of people were behind on their mortgages.
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