NRMLA Shows Strong Support of FHA Personnel Changes

The National Reverse Mortgage Lenders Association spoke in support Tuesday of personnel changes at the Department of Housing and Urban Development that shift Carol Galante, former deputy assistant secretary for multifamily housing, into the position of acting Federal Housing Administration commissioner and assistant secretary of housing.

“Carol Galante is a very talented and experienced executive who has surrounded herself with a strong team,” said Peter Bell, NRMLA president and CEO. “They have been successful in moving FHA multifamily programs forward and developing innovative approaches for dealing with preserving the nation’s affordable housing. We’re glad to see the Office of Single Family Housing come under her leadership.”

Additionally, Bell told RMD in an email, the association has been working with her and her team on a number of multifamily issues since she has been at HUD. “I am very excited about her appointment,” he said.


Galante replaces previous acting commissioner Bob Ryan, who will now serve as senior advisor for housing finance within the department.

In her new role, NRMLA noted, Galante will oversee the HECM program and manage the agency’s insurance portfolio which includes the MMI Fund that provides insurance to HECM lenders.

Written by Elizabeth Ecker

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  • I hope Ms. Galante is in that position long enough for those who report on FHA to remember that her first name is Carol, not Carole.
    Has NRMLA ever spoken out publicly against a SINGLE appointee, nominee, or confirmee?  That would not be smart especially when the industry is subject to the whims of such appointees and confirmees.  It is far better for all of us that NRMLA does publicly support EVERY single major FHA and HUD appointment and Senate future and actual confirmee.
    What is clearly bad is the turnover.  Former acting HUD Secretary Brian Montgomery was FHA Commissioner for over 4 years.  In less than 30 months Ms. Galante is the second acting FHA Commission, besides Senate confirmed Commissioner Stevens, who held the position 19 months (resigned March 11, 2011) and holdover (President Bush appointed) Commissioner Montgomery (six months).  At this rate we will soon be counting weeks rather months of the tenure of FHA Commissioners.
    It has been four months since the Commissioner resigned and we have no nominee for Commissioner.  Considering the housing policies of this President, Ms. Galante is a very brave woman.  By his lack of nomination of Commissioner Stevens for over two months into his Administration (he was actually elected six months before), he showed the nation the emphasis his Administration would have on housing. 

    Again by the lack of a current nominee, the President has confirmed his level of emphasis on housing.  In this regard during his current Administration, the President has NOT failed to live up to expectations.  In the realm of housing, the President has lived up to his reputation of leading from the rear.  In housing leadership the President is more less like US General Patton and more like British General Bernard Montgomery, a man who would move only forward after it was confirmed he had overwhelming superiority.  In housing this President leads from the rear.

      • Elizabeth,

        No problem.  I do not blame you. 

        There are getting to be so many Commissioners under this President, who can keep their names straight unless you knew them from the past.  It is kind of like the flavor of the month at 31 Flavors.  Who will it be next month?

  • What an unusual statement of support for an appointee from NRMLA!  There is a huge difference between an appointee and a Senate confirmee.
    For example on July 16, 2009, RMD reported Peter Bell remarking about the Senate confirmation of Commissioner Stevens:  “‘In my 33 years as a housing advocate in DC, I’ve never before seen an administration that brought in a team with such deep housing knowledge to run HUD,’ said Peter Bell, President of the National Reverse Mortgage Lenders Association.  He added, ‘This is a great change and I’m sure that Assistant Secretary Stevens will prove to be a strong member of that team.’” 
    As to an appointee in an email on April 4, 2011, NRMLA did announce the appointment of Bob Ryan and presented a very lengthy résumé of his experience.  It also added this statement from HUD Secretary Donovan:  “In a memo to HUD employees, Housing Secretary Shaun Donovan says, ‘Given the leadership Bob has show thus far at HUD, I have complete confidence in his ability to help ensure continuity and protect the health of the FHA. Bob is proven a leader in the mortgage finance industry who has focused his attention on minimizing risk to the FHA fund, while working to make sure the FHA can continue to help families as it has for more than 75 years. I look forward to his continued leadership in his new role at HUD.’” 

    But NRMLA provided no direct endorsement or approval of the appointment.  Neither did NRMLA make the polite statement that NRMLA looks forward to working with Commissioner Ryan.

    Peter Bell is very astute on such matters.  So what has caused NRMLA to take this stance on the appointment of Commissioner Galante?  Now THAT would be a great article

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