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Housing Industry Reacts to Jackson's Resignation
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Housing Industry Reacts to Jackson's Resignation

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Housing Industry Reacts to Jackson's Resignation

Housing Industry Reacts to Jackson's Resignation
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Alphonso Jackson

HUD Secretary Alphonso Jackson announces his resignation March 31, 2008 at HUD headquarters in Washington, D.C. Getty Images hide caption

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U.S. Housing and Urban Development (HUD) Secretary Alphonso Jackson resigned yesterday, citing "personal and family matters." But his departure comes amid growing allegations of influence peddling.

Ann Lott, president and CEO of the Dallas Housing Authority, is joined by Bruce Katz, of the Brookings Institution, to discuss the allegations against Jackson and the highlights of his tenure.

Lott previously worked with Jackson when he held the top post at the Dallas Housing Authority, prior to his presidential nomination to HUD.

HUD Chief Jackson Resigns Under Pressure

The Bush administration's top housing official resigned Monday amid a criminal investigation and a lawsuit over alleged favoritism in awarding contracts.

Housing and Urban Development Secretary Alphonso Jackson did not say why he was stepping down, but some prominent Democrats in Congress have called for his resignation.

"There comes a time when one must attend more diligently to personal and family matters. Now is such a time for me," he said. His resignation will take effect on April 18.

Jackson, 62, has been fending off allegations of cronyism and favoritism involving HUD contractors for the past two years. The FBI has been examining the ties between Jackson and a friend who was paid $392,000 by Jackson's department as a construction manager in New Orleans after Hurricane Katrina. Jackson has denied any wrongdoing.

He is also being sued by the housing authority in Philadelphia because he allegedly interfered with a land deal there.

Jackson's resignation comes at a difficult time for President Bush's agenda to deal with the mortgage crisis.

Falling prices and rising rates of home foreclosures have led to a major economic downturn. Congress is considering a number of options to reform the housing and mortgage industries.

From NPR and wire reports

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