Rumors?.. Maybe.
Housing and Urban Department (HUD) Secretary Alphonso Jackson is expected to resign on Monday. The reasons of why he will be resigning have not been released. This resignation is expected to create difficulties with the Bush Administration’s attempts at correcting the mortgage market concerns (understatement?).
The Wall Street Journal said:
"The news is a setback for the Bush administration and its efforts to combat the housing and mortgage mess. HUD, usually a backwater federal agency, has been at the heart of the administration’s attempts to ease problems for homeowners. Although Treasury Secretary Henry Paulson has taken the lead on many initiatives, Mr. Jackson has been a partner on many, including programs such as Hope Now, an administration-backed industry plan to loosen the terms on hundreds of thousands of subprime mortgages."
I’ll be interested if the reasons for Jackson’s resignation will ever surface. Either way, things continue to change. Stay tuned for the next government staff shuffle.
I’m sure Monday will bring many more artilces/news on this announcement.
