"Mr. Gormley's extensive experience and deep understanding of capital markets make him an exceptionally well-qualified candidate to lead Ginnie Mae, Irwin wrote. For our industry, Ginnie Mae's role in guaranteeing Home Equity Conversion Mortgage-Backed Securities (HMBS) is absolutely critical. This guarantee ensures the necessary liquidity and investor confidence required to sustain the Home Equity Conversion Mortgage (HECM) program, which is vital for providing older homeowners with responsible access to their home equity."
"His nomination was initially sent to the Senate banking committee in August. Joseph Gormley Cassidy, who joined the U.S. Department of Housing and Urban Development (HUD) in April as its principal deputy assistant secretary, was nominated to lead the FHA in August. The FHA has been without a full-time commissioner since the start of the Trump administration in January, when Julia Gordon left the post."
Gormley has served with Ginnie Mae as executive vice president and chief operating officer since April 2025 and would become the first permanent president since May 2024. His nomination was sent to the Senate banking committee in August. Joseph Gormley Cassidy joined HUD in April as principal deputy assistant secretary and was nominated to lead the FHA in August. The FHA has lacked a full-time commissioner since January when Julia Gordon left. NRMLA expressed strong support for both nominees, citing Gormley's capital markets experience and the critical role of Ginnie Mae in guaranteeing HMBS to support HECM liquidity for older homeowners. Cassidy brings extensive commercial real estate experience.
Read at www.housingwire.com
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