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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 14 September 2025 M O V E R S & S H A K E R S Movers & Shakers Government FHA AND GINNIE MAE ANNOUNCE NEW LEADERSHIP NOMINEES Frank Cassidy, current Principal Deputy Assistant Secretary for the U.S. Department of Housing & Urban Development (HUD) has been nominated to serve as the Commissioner of the Federal Housing Administration (FHA). Cassidy, with HUD since April, was previously a Senior Managing Director at commer- cial real estate finance and advisory services provider, Walker & Dunlop. "MBA [Mortgage Bankers Asso- ciation] enthusiastically supports the Trump administration's nomination of Frank Cassidy to serve as Assis- tant Secretary of Housing and FHA Commissioner," said MBA's President and CEO Bob Broeksmit, CMB. "His extensive experience in real estate finance at Walker & Dunlop, Newmark, and Oppenheimer & Co. Inc. provides him with compelling insights on how to make FHA's single-family and mul- tifamily programs less costly and more innovative and competitive." While at Walker & Dunlop, Cassidy was a VP in the Philadelphia area, responsible for multifamily and health- care lending primarily through HUD. Prior to Walker & Dunlop, Cassidy served as VP with Newmark Knight Frank's Multifamily Capital Markets Group. He specialized in originating loans insured by the FHA, and has originated financing for multifamily and healthcare properties throughout the country. Prior to Newmark, Cassidy served as VP at Berkeley Point Capital, and before that, as an Associate with Oppenheimer & Company in the com- pany's corporate headquarters in New York City. "We will work with him, Depart- ment of Housing and Urban Develop- ment (HUD) Secretary Scott Turner, and HUD staff on continuing the meaningful reforms that boost housing supply, make owning and renting a home more affordable, and address the challenges and opportunities within the agency, including modernizing FHA's IT systems and processes," added Broeksmit on his trade group's work in the future with Cassidy and the FHA. Ginnie Mae, the wholly govern- ment-owned corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the coun- try, has announced Joseph M. Gormley as nominee for its vacant President position. In mid-April, Ginnie Mae named Gormley as its EVP and COO, tasked with overseeing Ginnie Mae's mission to support stability in the nation's housing markets. Since being named EVP and COO, Gormley led Ginnie Mae's strategic initiatives, operation- al functions, and risk-management efforts, ensuring that the organization remains focused so that its programs are delivered efficiently, responsibly, and sustainably. Prior to joining Ginnie Mae, Gorm- ley held several senior roles at the U.S. Department of Housing and Urban Development (HUD), including Deputy Assistant Secretary for Single-Family Housing at the FHA and Chief of Staff to the Deputy Secretary. Before his tenure at HUD, Gormley served as As- sistant VP and Regulatory Counsel at the Independent Community Bankers of America (ICBA), where he focused on federal regulatory policy and com- pliance matters affecting community bankers. He also held positions at the MBA and the Financial Industry Reg- ulatory Authority (FINRA), where he advised on housing finance and capital markets regulation. Sam I. Valverde, former Acting President of Ginnie Mae, resigned from his role November 30, 2024. Valverde served in the Biden Administration as the Acting President of Ginnie Mae since May 2024, after previously holding the roles of Principal EVP and COO, since joining the organization in March 2022. TRUMP NOMINATES STEPHEN MIRAN FOR VACANT FEDERAL RESERVE BOARD POST President Donald Trump has an- nounced the nomina- tion of Stephen Miran to fill a vacancy at the Federal Reserve's Board of Governors. Adriana Kugler, who was appoint- ed to the Federal Reserve Board by President Joe Biden in 2023, announced on Friday that she was stepping down from her position as Governor on the Fed Board, and will return to Georgetown University as a Professor this fall. If confirmed, Miran will serve out Kugler's term, which expires January 31, 2026. "I appreciate Dr. Kugler's service on the Board and wish her very well in her future endeavors," said Federal Reserve Board Chair Jerome H. Powell. "She brought impressive experience and academic insights to her work on the Board." Miran currently serves as Chair of the Council of Economic Advisers, an agency within the Executive Office of