President Obama on Tuesday officially appointed Carol Galante to serve as the new acting commissioner of the Federal Housing Administration (FHA), overseeing the agency's single family and multifamily programs.
Galante has been in charge of FHA's multifamily program since March 2009. She previously was president and chief executive of Bridge Housing, the largest developer of affordable housing in California.
Department of Housing and Urban Development (HUD) secretary Shaun Donovan said Galante has a "proven track record" that is needed to keep the agency moving forward. FHA chief risk officer Bob Ryan has been serving as acting commissioner since David Stevens stepped down at the end of March to become the new president and chief executive of the Mortgage Bankers Association.
Ryan is moving upstairs to serve as a senior advisor to the HUD secretary on housing finance reform and other issues.
Meanwhile, another industry executive recruited by Stevens, deputy assistant secretary Vicki Bott recently left FHA. HUD has not announced her replacement yet.
"I am thrilled to have both Carol and Bob on board as we continue our mission to help the housing market recover," Donovan said.