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. Stevens, her predecessor as Commissioner and current president of the Mortgage Bankers Association (MBA) issued a press release this afternoon congratulating Galante on her new job.  

According to Stevens the Commissioner will be leaving the Department of Housing and Urban Development this fall to take a position at the University of California, Berkley.  She was confirmed as FHA Commissioner on December 12, 2012 after serving for over a year as acting commissioner following the departure of Stevens.

She joined HUD in May 2009 at the Deputy Assistant Secretary for Multifamily Housing Programs after a stint as President and Chief Executive of BRIDGE Housing Corporation, the largest non-profit developer of affordable, mixed-income and mixed-use developments in California.

In his press release Stevens said he had worked closely with Galante both in his current role and at FHA and called her departure a "great loss for the industry as well as to HUD."

 "As Deputy Assistant Secretary for Multifamily, Carol played an instrumental role bolstering the strength and stability of FHA's multifamily and healthcare programs coming out of the financial crisis.  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," Stevens said.