HUD's Alphonso Jackson Steps Down

Updated from 9:52 a.m. EDT

Housing and Urban Development Secretary Alphonso Jackson, a key figure in various federal initiatives to stabilize the reeling mortgage market, resigned Monday.

Jackson said he was stepping down on April 18 to attend to family matters, but did not elaborate. He had been at odds with Congressional Democrats in recent months over allegations of improperly intervening on behalf of a friend in a Philadelphia redevelopment deal, among other things.

Jackson has shared the stage with Treasury Secretary Henry Paulson at several events highlighting Bush administration efforts to shore up the housing and mortgage markets. In particular, Jackson has worked with Paulson on the HOPE NOW alliance of banks working to aid homeowners in avoiding preventable foreclosures by reworking borrowing agreements and other measures.

The alliance includes banks and lenders such as Bank of America(BAC Quote), Citigroup(C Quote), Countrywide Financial(CFC Quote), JPMorgan Chase(JPM Quote), Wells Fargo(WFC Quote) and Washington Mutual(WM Quote).