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Senate confirms Galante as FHA head

December 31, 2012 02:15PM

Carol Galante

Despite the Federal Housing Administration’s growing losses stemming from troubled loans and talk of a taxpayer bailout, the U.S. Senate confirmed Sunday that Carol Galante would continue to be in charge of the agency. Galante, who had been running the FHA in an acting capacity since July 2011, was confirmed as an assistant secretary of the Department of Housing and Urban Development, in a 69-24 Senate vote. The FHA backs a total of $1.1 trillion in U.S. home mortgages. Last month, due to troubled loans issued during the housing market downturn, it reported a projected deficit of $16.3 billion. [more]