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Scott Garrett
Despite bailout, federal housing agency on right track, official says
Despite bailout, federal housing agency on right track, official says

WASHINGTON -- The head of the Federal Housing Administration, which recently received $1.7 billion in its first-ever bailout, said the agency was headed in the right direction, as she faced intense Republican criticism during a lengthy congressional hearing Tuesday. FHA Commissioner Carol Galante said the agency, which insures low down-payment mortgages, had taken steps to stabilize its finances in recent years to offset losses caused by the housing crisis. Those steps included raising insurance premiums paid by homeowners and tightening credit requirements. "We are on the right track," she told the House Financial Services Committee. But GOP lawmakers grilled Galante about...

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