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Key figure in housing recovery to step down
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One of the principal figures in charge of reviving the post-recession housing market announced Aug. 11 that she will be leaving her post as the head of the Federal Housing Administration (FHA) to pursue other opportunities.
Carol Galante, who has been the commissioner of the FHA since July 2011, helped stabilize the housing market during her tenure by ensuring that the FHA backed loans from borrowers amid tightening regulations and restricted lending practices from banks — all while fighting for the FHA to remain economically viable.
The FHA has been an especially crucial organization for some of the country’s higher-risk borrowers, such as first-time homebuyers, because the FHA insures lenders against losses in the case of default. Borrowers who opt for the FHA’s insurance can still secure a mortgage with just 3.5 percent down.
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