Thursday, December 15, 2011

Galante’s FHA commissioner nomination moves to full Senate vote

by Sarah Jawaid, National Housing Conference

Acting FHA commissioner Carol Galante was considered for nomination Tuesday as an assistant Housing and Urban Development secretary and head of the FHA. The Senate Committee on Banking, Housing and Urban Affairs voted to approve Galante by a 13-9 vote and send her nomination to a full Senate vote.

Galante’s approval did not come without some critique. “I think we need people now in the administration with a sense of urgency about the need to turn things around, reduce our debt, and to avoid further bailouts,” said Sen. Jim DeMint (R., S.C.). “She does not appear to have that sense of urgency.” Other Republicans were more generally concerned about the Administration’s response to stabilize FHA’s finances and further, the U.S. mortgage market. Sen Bob Corker (R. Tenn.), “voted in favor of Ms. Galante’s nomination but said he might block it on the Senate floor — in an effort to prod officials to produce more detailed plans about how to overhaul the U.S. mortgage market and replace government-controlled mortgage giants Fannie Mae and Freddie Mac.”

For more, read the Wall Street Journal and view archived video of the hearing.

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