WASHINGTON (8/14/14)--Carol Galante, the commissioner of the Federal Housing Administration (FHA), announced this week she is leaving the government agency to teach at her alma mater, the University of California at Berkeley.
Galante started at the agency as interim commissioner in July 2011 and was confirmed Dec. 30, 2012. She led the agency as it sought $1.7 billion from the U.S. Treasury to cover losses from defaulted mortgages. The FHA doesn't make mortgages; rather it insures mortgage loans made by financial institutions.
The FHA became a critical cog in the market during the economic downturn, backing more than $330 billion in mortgages in fiscal year 2009 before easing down to $240 billion last fiscal year (The Wall Street Journal Aug. 11).
Biniam Gebre, general deputy assistant secretary in the Department of Housing and Urban Development, will become acting commissioner after Galante departs, The Wall Street Journal noted.
On Jan. 1, Galante will be the I. Donald Terner Distinguished Professor in Affordable Housing and Urban Policy, according to the university. She also will be an adjunct professor in the department of city and regional planning and serve as director of the Berkeley Program on Housing and Urban Policy.