Carol Galante has now been appointed by President Obama as the new acting commissioner of the Federal Housing Administration. Galante will administer in overseeing the single family and multifamily programs of the housing division.
Since March 2009, Galante has already been in control of the FHA’s multifamily programs. Previously, she became the chief executive and president of Bridge Housing. Bridge Housing is located in California and is considered as the largest developer of affordable houses.
Galante, 56, is the second person to temporarily take over the position since April replacing Robert “Bob” Ryan, 50. Ryan previously took over the position from former FHA Commissioner David H. Stevens, 54, after assuming leadership at the Mortgage Bankers Association. A new and promoted role as a senior adviser to the HUD Secretary on housing finance reform and other issues is the new position Ryan will assume.
Shaun Donovan, the Housing and Urban Development secretary said that Galante is already equipped with a proven track record for the agency to keep moving forward. Galante will be in charge of the FHA’s mortgage insurance program given her background as a developer of affordable apartments. Currently the agency has more than 20 percent of loans on single-family homes in the country.
Heather & Alan Davis
Oklahoma City Realtors