FHA Commissioner Galante Resigns

While HUD has yet to post an official announcement, multiple sources indicate Carol Galante has resigned as FHA Commissioner.   David H.rnStevens, her predecessor as Commissioner and current president of the MortgagernBankers Association (MBA) issued a press release this afternoon congratulatingrnGalante on her new job.  </p

According to Stevens the Commissioner will bernleaving the Department of Housing and Urban Development this fall to take arnposition at the University of California, Berkley.  She was confirmed as FHA Commissioner onrnDecember 12, 2012 after serving for over a year as acting commissionerrnfollowing the departure of Stevens.</p

She joined HUD in May 2009 at the Deputy AssistantrnSecretary for Multifamily Housing Programs after a stint as President and ChiefrnExecutive of BRIDGE Housing Corporation, the largest non-profit developer ofrnaffordable, mixed-income and mixed-use developments in California.</p

In his press release Stevens said he had workedrnclosely with Galante both in his current role and at FHA and called herrndeparture a “great loss for the industry as well as to HUD.”</p

 “AsrnDeputy Assistant Secretary for Multifamily, Carol played an instrumental rolernbolstering the strength and stability of FHA’s multifamily and healthcarernprograms coming out of the financial crisis.  Since assuming her currentrnrole as FHA Commissioner, she has worked tirelessly on the critical reforms tornfurther strengthen FHA’s risk management that have helped restore the financialrnhealth of the MMI fund.  Throughout it all, she has been a strong advocaternfor FHA’s primary role providing safe, affordable, sustainable housing opportunitiesrnfor all Americans,” Stevens said.

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