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THE WHITE HOUSE

                      Office of the Press Secretary
                          (Aboard Air Force One)
________________________________________________________________________
For Immediate Release                                      July 29, 1999

PRESIDENT CLINTON NAMES SUSAN M. WACHTER AS ASSISTANT SECRETARY FOR POLICY DEVELOPMENT AND RESEARCH AT THE DEPARTMENT OF HOUSING

AND URBAN DEVELOPMENT

The President today announced his intent to nominate Susan M. Wachter to serve as Assistant Secretary for Policy Development and Research at the Department of Housing and Urban Development.

Dr. Susan Wachter, of Newark, New Jersey, has been Chairperson of the Wharton Real Estate Department and Professor of Real Estate and Finance at The Wharton School of the University of Pennsylvania since July 1997. Dr. Wachter has more than 20 years experience in housing analysis, and has pioneered work on home ownership affordability, including the first-time identification of the impact of borrowing constraints on homeownership. Her current research focuses on housing affordability, urban poverty, real estate pricing, and housing abandonment. Dr. Wachter was the first woman president of the American Real Estate Urban Economics Association, the leading association of real estate, housing, and housing policy economists, serving from 1988 to 1989. Dr. Wachter served as a member of the Board of Directors of MIG Residential REIT in 1994 and Beneficial Corporation in 1985. She has been the editor of Real Estate Economics since 1997 and serves on the editorial boards for numerous real estate journals: Journal of Housing Policy Debate, from 1988 to the present, and Journal of Housing Economics from 1991 to the present. Dr. Wachter was named a Homer Hoyt Institute Fellow in 1987 and has been a member of their Advanced Studies Institute Faculty since 1989. She is author of more than 100 scholarly publications and is the recipient of multiple awards for teaching.

Dr. Wachter received her B.A. in Economics from Harvard/Radcliffe and obtained her Ph.D. in Economics from Boston College.

The Assistant Secretary for Policy Development and Research is the principal advisor to the Secretary and Deputy Secretary on overall Departmental policy, programs, evaluation, economic analysis, research and regulation of housing financial institutions. The Assistant Secretary is responsible for developing and revising policy and program proposals; evaluating and monitoring programs and information; and coordinating policy development and research within the Department of Housing and Urban Development, and with other Departments, as well as public and private organizations throughout this country and abroad.

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