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Ginnie Mae, the government-owned corporation within the U.S. Department of Housing and Urban Development (HUD) that provides funding for many U.S. mortgages, now has a nominee to fill its long-vacant president’s role.
Over the weekend, the Senate received Joseph Gormley’s nomination to lead Ginnie Mae and forwarded it to the committee on banking, housing and urban affairs.
Gormley has served as the corporation’s executive vice president and chief operating officer since April. If he’s confirmed, Ginnie Mae would have its first permanent president since Alanna McCargo, who departed in May 2024.
His past roles include serving as chief of staff and deputy secretary at HUD. He also previously worked as a deputy assistant secretary at the Federal Housing Administration (FHA).
Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), released a statement praising Gormley’s nomination.
“Joe Gormley is an outstanding choice to serve as the next Ginnie Mae President. 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 said.
“We will work with Joe Gormley, HUD Secretary Scott Turner, and their staffs on policies and initiatives that modernize the agency’s technology to improve overall issuer experience, increase liquidity for Ginnie Mae mortgage-backed securities, promote affordable homeownership and rental housing, and bring more private capital to the housing finance system.”