President Elect Barak Obama has selected Shaun Donovan to be the next United States’ Secretary of Housing and Urban Development. Donovan, who was the head of the New York Department of Housing Preservation and Development, is viewed by many in the industry as someone who possesses a significant amount of experience in the housing field.
Donovan was Managing Director for Prudential Mortgage Capital Co’s Lending and Affordable Housing Investments Division prior to his position with New York City. Real Estate Industry groups (the National Association of Realtors Mortgage Bankers Association, and others) have lauded Donovan’s selection once his name became public.
Donovan will inherit a lot of controversial regulations including RESPA Reform and will have to address other areas including the Federal Housing Administration’s (FHA) lending issues.
If the Senate confirms Donovan he will replace Steve Preston.
The big question many are asking right now is what will the Obama Administration do with respect to RESPA Reform and the answer will in all likelihood lie with Shaun Donovan.