Obama names new acting head of FHA

President Obama has named Carol Galante as the acting commissioner of the Federal Housing Adminstration, effective Tuesday.

The appointment makes Galante, 56, the second consecutive acting commissioner since April to head the agency, which guarantees residential mortgage loans for low-income borrowers. She was previously deputy assistant secretary for multifamily housing at the FHA’s parent, the Department of Housing and Urban Development.

Galante replaces Robert C. Ryan, who had served as acting commissioner since David H. Stevens left the post to head the Mortgage Bankers Association at the end of March. Until then, Ryan was the agency’s first chief risk officer.

Ryan is now taking on a new role as a senior adviser to Housing and Urban Development Secretary Shaun Donovan, where he’ll focus on housing finance issues such as mortgage servicing standards and compensation.

“I am thrilled to have both Carol and Bob on board as we continue our mission to help the housing market recover,” Donovan said in a statement.

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