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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 62 December 2025 J O U R N A L SENATE BANKING COMMITTEE AD- VANCES KEY SENIOR ADMINISTRATION NOMINEES T he Senate Banking Committee, chaired by Tim Scott (R-S.C.), advanced several of President Trump's nominees for important roles at the Federal Deposit Insurance Corpo- ration, the Department of the Treasury, and the Department of Housing and Urban Development. The following nominees will soon head to the Senate floor: 1. Joseph Gormley, to be President, Government National Mortgage Association, Department of Housing and Urban Development 1. Francis Cassidy, to be Assistant Sec- retary, Department of Housing and Urban Development 1. Paul Hollis, to be Director of the Mint, Department of the Treasury 1. Travis Hill, to be Chairperson of the Board of Directors, Federal Deposit Insurance Corporation "Today, the Committee considers a slate of President Trump's nominees whose leadership will be essential to maintaining the strength and stability of critical American institutions," Scott said in his opening remarks. "From housing finance to financial stability, these roles directly affect the lives of families, small businesses, and commu- nities across our nation. Ensuring that experienced leaders fill these positions is not just a procedural step—it is a mat- ter of real consequence for the economy and communities across our country. Safe and affordable housing is founda- tional to the American Dream." "It's time the federal government returned to delivering results for the American people," Scott concluded. In support of the Senate Banking, Housing, and Urban Affairs Commit- tee's decision to move important senior administration candidates for lead- ership roles in housing and financial services out of committee, David M. Dworkin, President and CEO of the National Housing Conference, issued the following statement: "The National Housing Conference (NHC) applauds the Senate Committee on Banking, Housing, and Urban Affairs for voting the nominations of Joseph Gormley to serve as President of Ginnie Mae, Travis Hill to serve as Chair of the Federal Deposit Insurance Corporation (FDIC), and Frank Cassidy to serve as Assistant Secretary for Housing and Federal Housing Commissioner at the U.S. Department of Housing and Urban Development (HUD) out of committee. Each of these nominees brings exceptional expertise, judgment, and commitment to the critical work of strengthening our nation's housing and financial systems." Dworkin added: "NHC is confident that each of these nominees will serve with integrity, skill, and dedication to the best interests of the American people. We urge the full Senate to take up these nominations without delay and confirm them as soon as possible." FED CUTS, HIGHER MORTGAGE RATES: ATLANTA FED EXPLAINS THE DISCONNECT T hough historically, Fed funds rates and mortgage interest rates move in the same general direc- tion, the trends of the two rates—which are distinctly separate—have moved in different directions over the last couple of years, the Federal Reserve Bank of Atlanta points out in its recent Economy Matters economic research note. Mortgage rates and other interest rates have moved in opposite directions following the Federal Reserve's interest rate cuts over the past year, the Atlanta Fed says. Mortgage rates have trended higher since earlier in the decade, leading to a decrease in home affordability, accord- ing to the Atlanta Fed's Home Owner- ship Affordability Monitor. Mortgage rates rose above 5% in April 2022, and have remained above that level ever since, according to Freddie Mac's 30- year fixed rate mortgage average in the United States. Before April 2022, rates had been below the 5% threshold since February 2011. The Federal Reserve sets short-term interest rates—the Fed funds rate—not mortgage rates, the Atlanta Fed points out. The Fed Reserve makes changes in the Fed funds rate—cutting it, increas- ing it, or leaving it as is—an effort to fulfill its dual mandate from Congress: promoting maximum employment and stable prices. The Fed's short-term rates factor into how banks and financial institutions set many other rates, such as those for busi- ness loans, credit cards, and auto loans. "It's time the federal government returned to delivering results for the American people." —Tim Scott (R-S.C.), chair, Senate Banking Committee