Bush names Steve Preston new HUD chief, Replacing Alphonso Jackson

President Bush on Friday chose SBA Administrator Steve Preston to lead the government's housing agency at a time of crisis in the industry, praising him as a skilled manager. Democrats hailed Preston as a problem-solver.

If confirmed by the Senate, Preston would replace Housing and Urban Development Secretary Alphonso Jackson, who announced his resignation last month amid a criminal investigation and allegations of political favoritism. Jackson's last day on the job was Friday and he sat in the Roosevelt Room to hear Bush announce his successor.