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November 21st, 2008

Sources Say Obama Chose Treasury Secretary

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Barack Obama must read our blog. Not even three hours ago did we publish a story saying that President-elect Obama needs to choose a treasury secretary as well as other economically-influential cabinet members to install the confidence that he (although with no official power until Inauguration Day) has developed an economic-recovery plan with qualified individuals that can get off the ground before January.

From Bloomberg News:

President-elect Barack Obama picked Timothy Geithner, head of the Federal Reserve Bank of New York, to be his Treasury secretary, with Lawrence Summers getting a senior White House role, a Democratic aide said.

Obama is also likely to nominate New Mexico Governor Bill Richardson as Commerce Secretary, and to announce his picks on Nov. 24, the person said on condition of anonymity.

Markets reacted well to the news, rallying late in the afternoon just after the announcement.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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