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42 | Th e M Rep o RT O r i g i nat i O n S e r v i c i n g a na ly t i c S S e c O n da r y m a r k e t SERVICING The laTesT Obama taps San antonio mayor for HUd Secretary The president nominates Julián Castro to replace Shaun Donovan, who's headed for the office of Management and Budget. t he current HUD Sec- retary, Shaun Dono- van, will serve as the Director of the White House Office of Management and Budget (OMB). The White House wrote in a release that "Mayor Castro has made significant progress in San Antonio and put the city and its citizens on a new trajectory." The White House noted Castro's record as a leader in housing and economic develop- ment programs, specifically citing his relationships with other mayors and key partners in the Obama Administration's "Promise Zones" initiative. San Antonio was highlighted as a "shining example" of a revitalized city throughout the past few years. "A home is a source of pride and security. It's a place to raise a family and put down roots and build up savings for college, or a business, or retirement, or write a lifetime of memories. And maybe one day the kid grows up in that home and is able to go on to get a great education and become the Mayor of San Antonio, and be- come a member of the President's Cabinet," President Obama said in a retelling of Castro's story. Shaun Donovan, the departing secretary, will shift roles into the OMB, where he will continue to advise the president. "In the wake of the foreclosure crisis, Donovan reaffirmed HUD's commitment to building strong, sustainable, inclusive neighbor- hoods that are connected to edu- cation and jobs and provide access to opportunity for all Americans," the White House said. Furthermore, "While at HUD, Donovan made critical invest- ments to speed economic growth, while also offering new savings proposals and ensuring fiscal responsibility. Donovan also chaired the Hurricane Sandy Rebuilding Task Force, which de- veloped a comprehensive regional plan, based on local vision for redevelopment, to guide long-term disaster recovery efforts. Donovan has a track record of using data to make good decisions and drive results," the White House added. (AP/LAuren VictoriA Burke) Rep. Joaquin Castro (D-San Antonio) listens at left as his brother, San Antonio Mayor Julián Castro, testifies at his confirmation hearing to serve as Secretary of Housing and Urban Development.