Ginnie Mae Executive Vice President and Chief Operations Officer Michael Bright announced his departure effective January 16 and requested that his nomination to be the agency’s next president be withdrawn from Senate consideration.
The Structured Finance Industry Group, Inc. (“SFIG”), a member-based trade group focused on improving and strengthening the broader structured finance and securitization markets, issued a press release today stating that Bright will become its president and CEO, beginning January 21, 2019.
Ginnie Mae EVP Maren Kasper will serve as acting president upon Bright’s departure.
Bright was confirmed last August by the Senate Banking Committee to become Ginnie Mae president. Despite strong bipartisan support for his nomination, the full Senate never voted to confirm him.
In his resignation letter to Housing and Urban Development Secretary Ben Carson, Bright praised the dedication and leadership of Ginnie Mae’s staff, “who are some of the most knowledgeable and mission-focused professionals I have ever worked with.”
As announced on December 22, 2018, during a lapse in government funding, Ginnie Mae will continue to remit timely payment of principal and interest to investors. There will also be no disruption of essential functions, including the granting of commitment authority and support for continued issuance of Ginnie Mae-guaranteed Mortgage Backed Securities (MBS).