August 24, 2014

Galante to step down from FHA

Aug. 12, 2014 – Federal Housing Administration Commissioner Carol Galante will leave her post for an academic job at the University of California at Berkeley this year, according to reports.

The Hill reported that an official announcement from the Obama administration on her departure could come this week. Galante has been with FHA for five years and was confirmed as commissioner by the Senate in 2012.

Last October, FHA came under congressional scrutiny for requesting $1.7 billion from Treasury to comply with the Federal Credit Reform Act's requirements that credit agencies have enough reserves to cover anticipated future losses.

NAFCU has met with Galante in the past to discuss the agency's lockout period for borrowers who strategically default and financial reporting requirements for smaller credit unions participating in FHA loan programs.