WASHINGTON—President Donald Trump announced that he intends to nominate Michael Bright to serve as president of Ginnie Mae; Bright currently serves in the post as acting president.
Ginnie Mae has a mortgage-backed securities portfolio of $1.8 trillion. Bright joined the entity last July as executive vice president and chief operating officer.
NAFCU said it remains engaged with lawmakers and agency officials to advance the association's core principles for housing finance reform. The Federal Housing Finance Agency (FHFA) recently put forward housing finance reform objectives to leaders of the Senate Banking Committee, and draft legislation from Senate Banking members Bob Corker (R-TN) and Mark Warner (D-VA) outlines new roles for Ginnie Mae and the FHFA, while establishing conditions for transition from a GSE model, to one with multiple guarantors and guaranteed access for small lenders, NAFCU noted.
Bright has previously worked at the Milken Institute, BlackRock and as a senior financial policy adviser to Corker. In 2013, Bright helped draft a GSE reform bill introduced by Corker and Warner.