(Adds official's comment on future job, background)
WASHINGTON Aug 11 A top housing official for
the Obama administration said on Monday she was stepping down
from her post leading an agency that guarantees a big share of
new U.S. mortgages.
Carol Galante, commissioner at the Federal Housing
Administration, said in a note to her staff that she will leave
her job toward the end of this year for an academic position.
Galante took the helm at the FHA in 2012 when the agency's
finances were still reeling from a housing market implosion
In September of last year, the FHA turned to the Treasury
for $1.7 billion in cash to help cover losses from troubled
Under Galante, the agency, which offers mortgage lenders'
guarantees against homeowner defaults, has substantially raised
the fees it charges. The White House said in March the FHA would
not need another injection of taxpayer money this year.
Galante said she will take a position at the University of
"I have decided to leave," she said in the note to her
(Reporting by Jason Lange; Editing by Chris Reese and Gunna