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Real Estate Broker to Head FHA

Carol Galante named acting FHA commissioner

July 12, 2011

By staff

The Federal Housing Administration has its third chief in as many months. The newest appointee is a licensed real estate broker with a background in affordable and multifamily housing.

The Barack Obama administration has named Carol Galante acting commissioner of FHA, according to a statement from the Department of Housing and Urban Development.

The new chief most recently served as deputy assistant secretary for multifamily housing at HUD. Before that, she was president of BRIDGE Housing Corp., which HUD said is the largest nonprofit developer of affordable apartments and homes in California. She also previously worked at Eden Housing Inc. as an executive director who developed affordable homes.

Galante, who holds a masters degree from U.C. Berkeley, is a licensed real estate broker, HUD said.

"Having previously served in the position Carol is vacating and the one she is stepping into, I am extremely confident that her proven track record is exactly what HUD needs to continue
moving the FHA forward," said HUD Secretary Shaun Donovan in the statement.

Galante replaces Robert Ryan, who was named acting commissioner in April. Ryan took over from former FHA commissioner David H. Stevens, who became president and chief executive officer of the Mortgage Bankers Association.

Ryan left the acting commissioner job to take on the role of senior advisor to Donovan for housing finance. He'll lead HUD's role on the interagency housing deputies' team.

In his new job, Ryan will develop and
represent the agency's view on housing finance issues such as long-term plans for Fannie Mae and Freddie Mac and the amount of government involvement in housing finance. He'll also tackle implementation of the Dodd-Frank act and rulemaking as well as servicing standards and compensation.

"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. "Bob is proven a leader in the mortgage finance industry who has diligently focused his attention on working to reform our nation's housing finance system with a goal of moving it toward more stable ground."

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