Trade Groups Urge Confirmation of Ginnie Mae Nominee – NMP Skip to main content

Trade Groups Urge Confirmation of Ginnie Mae Nominee

Phil Hall
Nov 27, 2018
The U.S. Senate voted 52 to 44 to confirm Mark Calabria as the new Director of the Federal Housing Finance Agency (FHFA)

A coalition of 31 financial services and housing trade associations called on Senate leaders to confirm President Trump’s nomination of Michael Bright as the next president of Ginnie Mae.
A coalition of 31 financial services and housing trade associations called on Senate leaders to confirm President Trump’s nomination of Michael Bright as the next president of Ginnie Mae
Bright has served as acting president of Ginnie Mae since Ted Tozer resigned in January 2017. Bright was nominated by the president in May and approved by the Senate Banking Committee on Aug. 23. However, he has been part of a backlog of nominees awaiting final Senate confirmation.
 
"In his current role at Ginnie Mae, Mr. Bright established a strong leadership and decision-making ability in a number of areas including dealing with a harmful ‘loan churning' practice being targeted to our nation's veterans that not only negatively impacted those serving our country, but has negatively affected Ginnie Mae's securities," the letter noted. "At Mr. Bright's direction, the problematic market players were identified and decisive actions were taken to begin to address the problem. More work may be necessary to fully protect our veterans from further harm and stabilize Ginnie Mae's securities."
 
Among the trade groups backing Bright are the American Land Title Association, Asian Real Estate Association of America, Council for Affordable and Rural Housing, Manufactured Housing Institute, Mortgage Bankers Association, National Association of Hispanic Real Estate Professionals, National Association of Home Builders and the National Multifamily Housing Council.

 
Published
Nov 27, 2018
SEC: Angel Oak Capital Advisors Misled Investors

Company, portfolio manager agree to pay $1.825M combined in civil penalties.

Regulation and Compliance
Aug 10, 2022
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
As Expected, The Fed Raises Rate By Another 0.75%

Experts say housing industry will shrug off the latest increase.

Regulation and Compliance
Jul 27, 2022
AmTrust Ends 'No-Poach' Agreement, Pays $1.25M Fine In Deal With N.Y. AG

Company also agrees to cooperate with ongoing investigations of the title insurance industry.

Regulation and Compliance
Jul 25, 2022
NAR Chief Economist: Nationwide Home Price Decline Won't Happen Soon

Lack of inventory continues to support growth in prices, which have increased year over year for 124 straight months.

Regulation and Compliance
Jul 22, 2022
FHFA Director: Fannie, Freddie Need $300B Combined In Capital

So far, the enterprises combined have built $83.5 billion in reserves, or about 27% of the target.

Regulation and Compliance
Jul 21, 2022