President Trump has nominated Joseph Gormley to become president of Ginnie Mae and Frank Cassidy to become commissioner of the Federal Housing Administration (FHA).
Gormley has served as Ginnie Mae’s executive vice president and chief operating officer since April. He previously several senior positions at the 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. Prior to HUD, he served as assistant vice president and regulatory counsel at the Independent Community Bankers of America.
Cassidy has been principal deputy assistant secretary at HUD since April. He was previously senior managing director at Newmark, and earlier in his career he held vice president positions at Newmark Knight Frank and Berkeley Point Capital.
No offence, but can’t they find anyone more qualified for the HUD position? Unless he was a loan officer somewhere and really knows the mortgage industry, he would not get my vote.