Trump Administration Nominates Ginnie Mae, FHA Leaders
Industry Update
August 5, 2025
Source: National Mortgage Professional
The U.S. Senate has received two high-profile Trump Administration housing nominations: Joseph M. Gormley for President of Ginnie Mae and Frank Cassidy for Commissioner of the Federal Housing Administration (FHA).
Since April 2025, Gormley has been serving as executive vice president and chief operating officer of Ginnie Mae, a government-owned corporation within the U.S. Department of Housing and Urban Development (HUD) that guarantees mortgage-backed securities (MBS) backed by government-insured or guaranteed loans. He brings deep institutional knowledge from prior HUD and industry roles.
Gormley’s nomination was referred to the Senate Committee on Banking, Housing, and Urban Affairs. If confirmed, Gormley would be the first permanent Ginnie Mae president since May 2024, when Alanna McCargo stepped down.
Also since April 2025, Cassidy has been serving as HUD’s Principal Deputy Assistant Secretary. He has extensive real estate finance experience spanning major advisory firms, with a focus on FHA-insured multifamily lending.
Part of HUD, FHA insures mortgages to reduce lender risk and encourage homeownership — particularly for first-time, low-, and moderate-income buyers. FHA-insured loans are frequently securitized into Ginnie Mae-backed MBS.
‘Overwhelming’ And ‘Enthusiastic’ Support
Both nominations were backed by the Mortgage Bankers Association (MBA), which praised the nominees’ experience in housing finance and policy.
“Joe Gormley is an outstanding choice to serve as the next Ginnie Mae President,” stated MBA President and CEO Bob Broeksmit, CMB. “MBA overwhelmingly supports his nomination and believes his deep experience in housing finance policy, including in senior roles at Ginnie Mae, the Department of Housing and Urban Development, and MBA, make him well-qualified to lead the agency’s mission of ensuring mortgage market liquidity, sustainability, and affordability.”
Broeksmit also said MBA “enthusiastically supports” the Trump Administration’s nomination of Cassidy to serve as Assistant Secretary of Housing and FHA Commissioner.
“[Cassidy’s] extensive experience in real estate finance at Walker & Dunlop, Newmark, and Oppenheimer & Co. Inc. provides him with compelling insights on how to make FHA’s single-family and multifamily programs less costly and more innovative and competitive,” Broeksmit noted.
Broeksmit added that MBA would work with both Ginnie Mae and FHA to promote affordable homeownership and rental housing as well as other initiatives.
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