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USC Prof to DC

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According to the LA Times' LA Land blog, Raphael Bostic, Ph.D., has been nominated by President Obama for the position of assistant secretary for policy development and research in the Department of Housing and Urban Development. According to the LA Times' Roger Vincent, Bostic was a director in USC's master's program in real estate development. And more via this USC bio, info that seems particularly timely given all those toxic "legacy assets": "His most recent work examines how mortgage finance institutions, such as Fannie Mae and Freddie Mac, have influenced the flow of mortgage credit through lenders that mainly originate high cost, or subprime, loans and through the Federal Housing Administration insurance program. He is also currently studying the role of the private label secondary market in facilitating the flow of capital to subprime and possibly predatory loans."