FHA Commissioner to Step Down

Less than two years after being confirmed as the head of the Federal Housing Administration (FHA), Commissioner Carol Galante is making plans to step down from her post.

In a message sent to her staff Monday morning, Galante revealed that she intends to depart from HUD by the end of this year, after which she will assume a distinguished professorship at the University of California, Berkeley, where she received her master's in city planning.

She will also serve as the director of UC's Berkeley Program in Housing and Urban Policy and will co-chair the Fisher Center on Real Estate's Policy Advisory Board, according to the letter.

Galante has been with HUD for five years, starting her career at the department as deputy assistant secretary for multifamily housing. She was nominated by President Obama for the role of FHA commissioner in 2011, receiving her confirmation from the Senate in late 2012, only a month after an audit revealed the agency's mortgage insurance fund had plummeted deep into the red as a result of losses it took following the housing bust.

Despite efforts made to restore the fund, FHA was forced last year to take a $1.7 billion Treasury draw to strengthen its financial position.

This is a developing story. Check back later for more details.