A Senate committee voted Tuesday in favor of making Carol Galante’s position as Federal Housing Administration Commissioner permanent, following her nomination from President Obama in October. The decision now goes to a full Senate vote.
The Senate Committee on Banking, Housing and Urban Affairs approved Galante’s nomination Tuesday in a 13 to 9 vote. Sen. Jim DeMint (R-S.C.) opposed the nomination citing Galante’s lack of vision and sense of urgency in changing the FHA’s course. All democratic committee members voted in favor of her nomination.
Galante has served as acting commissioner of the FHA since July, and previously held the position of deputy assistant secretary for multifamily housing at the Department of Housing and Urban Development. She has spoken in support of the Home Equity Conversion Mortgage (HECM) program, most recently having appeared at the National Reverse Mortgage Lenders Association annual meeting in Boston. There, she reconfirmed FHA’s support of reverse mortgages and encouraged lenders to conduct a financial assessment of borrowers that would examine their ability to meet tax and insurance payments on their loans.
Galante has also defended FHA against claims that it will require a bailout due to the state of its Mutual Mortgage Insurance fund. Speaking before members of the press in November, she stressed the positive changes FHA has implemented toward the future of its outstanding loans.
NRMLA has indicated its support for Galante in her commissioner role.
Written by Elizabeth Ecker
