No support for photo albums yet with the API. I've let the team know that there is interest in us adding support for photo albums.
I'm also interested in managing Albums through the API.
In the Network I work for, we are trying to implement a monetizing mechanism, based on the order of featured Albums in the home page. Currently, you can order featured Albums manually, but it is a cumbersome and painful process.
It would be great to have the chance to do that programmatically.
Thanks for your attention.