Senate Committee Approves FHA, Fed Nominees

Members of the Senate Banking Committee voted Tuesday to send nominees for top posts at the ""Federal Housing Administration"":http://hud.gov/offices/hsg/fhahistory.cfm and ""Federal Reserve"":http://www.federalreserve.gov/ to the full Senate floor.

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Lawmakers approved FHA acting commissioner and former BRIDGE Housing CEO Carole Galante 13 to 9 on a largely party-line vote, with only ""Sen. Bob Corker"":http://corker.senate.gov/public/ (R-Tennessee) breaking ranks with GOP faithful to cast in favor of the nominee.

50 percent chance that they will need a bailout costing between $50 and $100 billion.

""Sen. Jim DeMint"":http://demint.senate.gov/public/ (R-South Carolina) said that he and other

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lawmakers opposed her nomination, given concerns about her ""lack of vision to change the course of the FHA.""

""I think we need people in the administration with a sense of urgency,"" he said, citing a 50-percent chance that the FHA could require a bailout from anywhere between $50 and $100 billion in the next several years.

""She does not appear to have that urgency,"" he said.

Thomas Hoenig, a widely respected veteran in housing finance, meanwhile moved to the Senate floor on a unanimous vote.

""President Barack Obama"":http://www.whitehouse.gov/administration/president-obama gave his nod of approval to Galante for the nomination in October. She previously served in the multifamily housing office with HUD.

The newly minted FHA nominee for commissioner praised Hoenig at an October meeting, where he received adulation from both sides of the aisle for his reputation in the housing finance community.

The nomination process remains a contentious one for Obama's housing nominees.

Forty-three Senate Republicans stood by their pledge last week to prevent ""Consumer Financial Protection Bureau"":http://www.consumerfinance.gov/ director-nominee Richard Cordray from advancing to the floor.