Revolving Door of FHA Leadership Continues as Carol Galante is Named Acting Commissioner

Shaun Donovan, secretary of the U.S. Department of Housing & Urban Development (HUD) has announced that Carol Galante has been designated by President Barack Obama as the Acting Federal Housing Adminstration (FHA) Commissioner and Assistant Secretary of Housing. Galante will be replacing Robert C. Ryan, who is moving on within the department to become Senior Advisor for Housing Finance. Ryan originally joined HUD team to oversee the FHA’s enterprise risk management functions. Ryan was named Acting Commissioner in early April of 2011 after David H. Stevens announced his resignation from the position of FHA Commissioner and his intentions to join the Mortgage Bankers Association (MBA) as their new president and chief executive officer. Galante assumes the role of Acting FHA Commissioner after serving as Deputy Assistant Secretary for MultiFamily Housing since March of 2009. She came to the department with 22 years of experience, serving as president and chief executive officer of BRIDGE Housing in San Francisco, a non-profit company that is one of the largest developers of affordable housing in the state of California. “Carol Galante is a very talented and experienced executive who has surrounded herself with a strong team,” said Peter Bell, president and chief executive officer of the National Reverse Mortgage Lenders Association (NRMLA). “They have been successful in moving FHA multifamily programs forward and developing innovative approaches for dealing with preserving the nation's affordable housing. We're glad to see the Office of Single Family Housing come under her leadership.”