WASHINGTON – The Department of Housing and Urban Development (HUD) and the Government National Mortgage Association (Ginnie Mae) today announced Executive Vice President and Chief Operations Officer Michael Bright will be stepping down on January 16 and has requested that his nomination for President of Ginnie Mae be withdrawn to pursue a new opportunity in the private sector.
In a resignation letter (https://www.hud.gov/sites/dfiles/Main/documents/Bright_Letter.pdf) to Housing and Urban Development Secretary Ben Carson, Bright wrote:
The opportunity to serve the country and our economy in this capacity has been a tremendous honor... I am incredibly proud of what we have accomplished since early 2017. As you are aware, over the past two years, Ginnie Mae's total outstanding portfolio crossed the $2 trillion mark, and last year we served 1.9 million American families as they purchased or refinanced a home. This would not have taken place without the dedication and leadership of the Ginnie Mae staff, who are some of the most knowledgeable and mission-focused professionals I have ever worked with.
“I want to thank Michael for his many contributions to Ginnie Mae over the last two years,” said Secretary Carson. “He has assembled a first-rate team and successfully managed and expanded a portfolio that enables millions of Americans to become homeowners each year. We wish him the best in his future.”
Maren Kasper, current Executive Vice President of Ginnie Mae, will serve as the Acting President upon Bright’s departure. Kasper joined Ginnie Mae in June 2017.
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) and Real Estate Mortgage Investment Conduits (REMICs).