Skip to main content

Bright Withdraws as Ginnie Mae Nominee

Phil Hall
Jan 10, 2019
Michael Bright has withdrawn his nomination to become the next President of Ginnie Mae

Michael Bright has withdrawn his nomination to become the next President of Ginnie Mae and will step down as the agency’s acting President on Jan. 16. Bright will take on the role of President and Chief Executive Oficer of The Structured Finance Industry Group, a securitization industry trade group.
Michael Bright has withdrawn his nomination to become the next President of Ginnie Mae
Bright has been running Ginnie Mae as acting President since Ted Tozer’s resignation as President in January 2017. President Trump nominated Bright to succeed Tozer in May and he was approved by the Senate Banking Committee in August, but his nomination was never brought to the full Senate for a confirmation vote despite the advocacy by industry trade groups. With the expiration of the 115th Congress on Jan. 2 and the start of the 116th Congress, all nominations that did not receive final confirmation would need to be submitted anew.
"The opportunity to serve the country and our economy in this capacity has been a tremendous honor," said Bright in a letter to Housing and Urban Development Secretary Ben Carson. "I am incredibly proud of what we have accomplished since early 2017."
Maren Kasper, an Executive Vice President of Ginnie Mae, will take over as Acting President.
“The securitization industry plays a fundamental role in our economy and it is vital that policymakers and the industry work constructively together as the market continues to evolve. I am honored to join the Structured Finance Industry Group team and see tremendous opportunity to build on this group’s success as the voice of securitization,” said Bright. “I look forward to working with all of our members to represent the diverse views of this critical field and continuing to provide meaningful education, advocacy and connection for our members across all aspects of securitization.”

Jan 10, 2019
Crime Stories From The Trenches

Bad brokers, renegade Realtors, treacherous title agents. It’s getting tough out there.

Regulation and Compliance
Oct 26, 2021
Feds Reviewing Appraisal Standards, Qualifications

Appraisal Subcommittee said requirements are being reviewed to determine whether they ensure and promote fairness, equity, objectivity, and diversity, in both appraisals and in the training and credentialing of appraisers.

Regulation and Compliance
Oct 20, 2021
​​​​​​​FHFA OK's Desktop Appraisals, Expands Refi Criteria

The Federal Housing Finance Agency (FHFA) said Monday it will take two steps to help make home ownership more affordable and sustainable for mortgage borrowers, especially for those in underserved communities. 

Regulation and Compliance
Oct 19, 2021
CFPB Names 4 To Key Senior Positions

The appointees include two who helped create the bureau and two who served on the CFPB staff during the Obama administration.

Regulation and Compliance
Oct 14, 2021
FHFA Raises Enterprises' Multifamily Loan Purchase Caps

The Federal Housing Finance Agency (FHFA) said the 2022 multifamily loan purchase caps will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market.

Regulation and Compliance
Oct 13, 2021
CFPB Hits AAG With Complaint For Deceptive Marketing Of Reverse Mortgages

The Consumer Financial Protection Bureau filed a complaint and proposed consent order, which alleges that American Advisors Group (AAG) used inflated and deceptive home estimates to attract reverse mortgage consumers.

Regulation and Compliance
Oct 12, 2021