FHA head resigns

by Ryan Smith12 Aug 2014
The head of the Federal Housing Administration is resigning to take a professorship.

After three years as commissioner of the FHA, Carole Galante will step down in order to take a professorship at the University of California at Berkley and lead a housing policy group, according to a Washington Post report.

Galante steered the agency through a crisis last year, when it was forced to take a cash infusion for the first time in its history. David H. Stevens, former head of the FHA and current president and CEO of the Mortgage Bankers Association, praised Galante’s stewardship of the agency.

“I worked closely with Carol, both at FHA and in my current role, and her departure will be a great loss for the industry as well as to HUD. Carol was a tremendous asset to both in very difficult times,” Stevens said. “…Since assuming her current role as FHA Commissioner, she has worked tirelessly on the critical reforms to further strengthen FHA’s risk management that have helped restore the financial health of the MMI fund.  Throughout it all, she has been a strong advocate for FHA’s primary role providing safe, affordable, sustainable housing opportunities for all Americans.

“UC Berkeley will be fortunate to have Carol on faculty, and I look forward to continuing to work with her as part of the broad stakeholder community dedicated to ensuring that the US housing system remains the envy the world.”



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