HUD Secretary, Alphonso Jackson, to Announce His Resignation!

Though specifics haven't been released, the rumors seem to be confirmed. I'm sure you'll hear more as the day progresses tomorrow. For now, here's the latest from MarketWatch:

"Alphonso Jackson, the Bush administration's secretary of Housing and Urban Development who has drawn criticism from members of Congress for alleged cronyism and favoritism, is expected to announce his resignation Monday..."

The Wall Street Journal goes on to say:

"The news is a setback for the Bush administration and its efforts to combat the housing and mortgage mess. HUD, usually out of the spotlight, 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."

Though this is certainly news, it seems a bit of an understatement to say that this is a "setback for the Bush administration and its efforts to combat the housing and mortgage mess."

America's home owner has been looking for help for months and months on end! And what did they get? Nothing but smoke and mirrors. Though Jackson's departure seems sudden, I doubt it dismantled the administrations saving grace from our housing woes. He'll be replaced and America's home owner will have to keep truckin' onward!

Anyone care to share their thoughts?

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