Carol Galante Talks about Federal Housing policy and the Future of Foreclosures

Carol Galante Talks about Federal Housing policy and the Future of Foreclosures

Blanca Torres writes in the San Francisco Business Times (10/19, Subscription Publication) "Bay Area Structures" about an interview with HUD Assistant Secretary Carol Galante, who is also the acting FHA Commissioner. Galante said, "One of the things I'm most proud of is the work that we did within multi-family. FHA multifamily had to really step up in the crisis as well. ... The other thing I would say that is just emerging for me as a success is the new distressed stabilization program in single family." She said foreclosures will likely continue to have a significant impact on the market for some time. Galante added, "It's important that FHA be there in good times and bad times, but that it moderates how much it's there. As things get better, it should be receding." She explained that Congress and the Obama Administration will have to work out the details, but noted that it was important the FHA not leave a void in housing sector.