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Galante Now Acting FHA Commissioner

In a statement released Tuesday, ""HUD"":http://portal.hud.gov/portal/page/portal/HUD announced the move by multifamily housing deputy assistant secretary Carol Galante to her new role as acting commissioner of the ""Federal Housing Administration"":http://www.fha.com/ (FHA). President Barack Obama picked Galante for the position, with rumors circulating around the Capitol that the affordable housing veteran may receive a nomination for the top role, too.

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""I am extremely confident that her proven track record is exactly what ""HUD"":http://portal.hud.gov/portal/page/portal/HUD needs to continue moving the ""FHA"":http://www.fha.com/ forward,"" Shaun Donovan, HUD secretary, said in a statement.

A licensed real estate broker with a master's degree in city planning from ""University of California"":http://www.universityofcalifornia.edu/ at Berkeley, Galante will guide the agency's insurance portfolio.

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These include multifamily housing services, health care buildings, and over 20 percent of single-family mortgages from the domestic market.

Prior to her posts at the department, she served as president of BRIDGE Housing Corporation, a nonprofit with special focus on affordable apartments and rentals for low-income families and seniors, according to ""HUD"":http://portal.hud.gov/portal/page/portal/HUD.

In making her transition, Galante takes over from former acting commissioner Robert Ryan, who left to assume the role of Donovan's special advisor.

""I am also pleased to bring Bob Ryan into my office to work closely with me on issues such as housing finance reform,"" Donovan added.

Once responsible for ""FHA's"":http://www.fha.com/ enterprise risk management functions, Ryan oversaw all business lines, including single-family, multifamily, and healthcare lines. Last April he transitioned to a new role as ""FHA's"":http://www.fha.com/ acting commissioner, once the then-current commissioner, David Stevens, opted to head up the ""Mortgage Bankers Association"":http://mbaa.org/default.htm.

According to the ""Wall Street Journal"":http://online.wsj.com/article/SB10001424052702303812104576440330926724342.html?mod=googlenews_wsj, officials remained mum about Obama's plans to nominate a permanent director, which requires a Senate confirmation. A ""HUD"":http://portal.hud.gov/portal/page/portal/HUD spokeswoman declined to comment.

A division of ""HUD"":http://portal.hud.gov/portal/page/portal/HUD, the ""FHA's"":http://www.fha.com/ is a government entity that guarantees loans for low-income families, seniors, and other at-risk Americans.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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