MHProNews has been informed Federal Housing Administration (FHA) Commissioner Carol Galante will be leaving her position at the end of the year to become an affordable housing professor at the University of California, Berkeley. With the agency for five years, the last two as commissioner, while the FHA has helped finance homebuyers of more modest means since the housing collapse in 2008, it took a lot of heat for the $1.7 billion taxpayer bailout last year to cover losses on loans that went bad since the collapse. According to politicopro.com, the agency has adjusted the premiums it charges for the loans it insures, and the White House has asserted the agency will not need another transfusion of taxpayer dollars this year. An informed source says, “This is a good example of why having a career person in the MH administrator’s job is good,” because the career person “…won’t be impacted by Carol’s departure.” ##

(Photo credit: Department of Housing and Urban Development)