Just one month into his new role as EVP and COO of Ginnie Mae, Joseph M. Gormley took part in the recent Secondary and Capital Markets Conference in New York City presented by the Mortgage Bankers Association (MBA), to discuss his goals and vision as he begins his new role.
Tasked with overseeing Ginnie Mae’s mission to support stability in the nation’s housing markets, Gormley was a guest at the event’s General Session, tackling topics including the agency’s strategic initiatives, operational functions, risk-management efforts, and its role in the U.S. housing finance ecosystem.
In his chat with MBA SVP of Residential Policy and Strategic Industry Engagement Peter Mills, Gormley stated, “I’ve organized my priorities around three key themes: stability, adaptability and efficiency.”
Prior to joining Ginnie Mae, Gormley held several senior roles at the U.S. Department of Housing & Urban Development (HUD), including Deputy Assistant Secretary of Single-Family Housing at the Federal Housing Administration (FHA), and Chief of Staff to the HUD Deputy Secretary. Prior to HUD, Gormley served as Assistant VP and Regulatory Counsel at the Independent Community Bankers of America (ICBA), where he focused on federal regulatory policy and compliance matters impacting community bankers. He also held positions with the MBA and the Financial Industry Regulatory Authority (FINRA), where he advised the firm on housing finance and capital markets regulation.
Gormley noted that Ginnie Mae is a stable entity at this time, but as head of Ginnie Mae, he seeks to continue to drive progress in the U.S. housing market.
Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.74 trillion as of April 2025, having issued $42.2 billion in total MBS, resulting in a net portfolio growth of $10.6 billion. Ginnie Mae has facilitated the pooling and securitization of 205,000 loans for first-time homebuyers year to date. In April, Ginnie Mae pooled and securitized loans for more than 125,000 households, including 58,000 first-time homebuyers.
“The issuer base has changed dramatically over the last 15 years. From more bank-centric to now we’re very heavily weighted in the nonbank space,” Gormley said. “But I think most of our issuers have gone through a maturation process over the last decade. We feel very good about their operations.”
Gormely stressed a deeper frontline approach to communication with the industry and its stakeholders, stressing that he will maintain an open dialogue with the industry to keep lines open and clear.
“The more information we have about the market, the more information together about the issues that issuers are facing,” Gormley noted. “You know, things that you think are around the corner … things that you think Ginnie should be focusing on … ideas you have about the securities program … we’re really all ears.”
Click here for more on new Ginnie Mae head Joseph Gormley’s chat with MBA’s Peter Mills at the recent Secondary and Capital Markets Conference.
