The nation's new housing commissioner has a message for the mortgage industry: Federal Housing Administration (FHA) insurance guarantees are falling – and that's a good thing.

Speaking at the Mortgage Bankers Association's annual servicing show in Florida Wednesday morning, acting FHA chief Carol Galante said endorsements should fall to just $150 billion in fiscal 2013 – less than half of what the agency insured in its peak year of 2009 when the housing market stared into an abyss of tight credit and declining home prices.

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