Ginnie Mae

Joseph Gormley has been nominated as Ginnie Mae's first permanent president since May 2024, with industry leaders praising his housing finance expertise.

COO Joseph Gormley weighed in on cuts at the securitization guarantor and efforts to improve the industry's efficiencies and the government's.

Chief Operating Officer Joseph Gormley's appointment fills out a thin executive team at the government corporation, which plays a key role in funding mortgages.

The bank said it will appeal the judge's ruling, which it suggested would have a chilling effect on lenders participating in such government programs.

Sales of so-called social bonds, which direct proceeds to areas like health, housing and education, jumped about 130% to $657 billion globally last year, and continued at a similar pace in the first quarter.

Over 100,000 loans for first-time home buyers have been pooled and securitized in issuances this year, the guarantor of government-backed loans said.

Early moves by the new head of the Department of Housing and Urban Development include blocking activities related to diversity, equity and inclusion.

Ginnie Mae let go roughly 25% of its workforce following edicts from Elon Musk's Department of Government Efficiency, with other regulators in the crosshairs.

Authors in two separate Urban Institute papers warn how headcount reductions at the entities could negatively impact borrowers, taxpayers and the housing market.

HUD denied claims that 40% of the administration's workforce will be cut.