WASHINGTON, DC – Senator Hillary Rodham Clinton made the following statement after President-elect Obama announced the nomination of New York City Housing Commissioner Shaun Donovan to be the next Secretary of Housing and Urban Development.

“Shaun Donovan is a talented and dedicated public servant who will be able to draw upon his considerable experience in New York to help lead our nation through the deepening housing crisis. The challenges he will face if confirmed are daunting. An estimated 20 percent of all mortgages in this country are ‘under water,’ meaning families owe more than the value of their homes. Unless we address this problem, we will face another massive wave of foreclosures. The next Secretary of Housing and Urban Development will need to help stabilize the market, develop a plan to modify unworkable mortgages to keep families in their homes, and once again make HUD a force for community revitalization and urban renaissance. It is a job that will require creative leadership and real persistence. Mr. Donovan has worked hard for the people of New York and I am confident he will bring the same passion and expertise to Washington.”

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