HUD Secretary Resigns: What Happens Now?
HUD Secretary Alphonso Jackson announced his resignation March 31 in the wake of investigations concerning allegations of favoritism after he paid a friend $362,000 to serve as a construction manager in New Orleans. Jackson is also being sued by the Philadelphia Housing Authority due to his alleged interference in a land deal.
The Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) can potentially provide relief to borrowers facing foreclosure as part of the mortgage mess. We wonder if his successor will focus on helping the nation’s families who’ve been victimized by shoddy lending practices, and unchecked greed.
