Senators voted yesterday to confirm the leader of the Federal Housing Administration, an agency that may need an infusion of taxpayer money next year for the first time in its history, the Wall Street Journal reported yesterday. Carol Galante, the FHA's acting commissioner since mid-2011, was approved by the Senate on a 69-24 vote. Galante, as FHA commissioner, faces the daunting task of stabilizing the agency's finances after an independent annual audit released last month found the agency's reserves would be insufficient to cover projected losses in coming years, resulting in a $16.3 billion deficit. The agency is part of the Department of Housing and Urban Development.
