Frank Cassidy, current Principal Deputy Assistant Secretary for the U.S. Department of Housing & Urban Development (HUD) has been nominated to serve as the Commissioner of the Federal Housing Administration (FHA). Cassidy, with HUD since April, was previously a Senior Managing Director at commercial real estate finance and advisory services provider, Walker & Dunlop.
“MBA [Mortgage Bankers Association] enthusiastically supports the Trump administration’s nomination of Frank Cassidy to serve as Assistant Secretary of Housing and FHA Commissioner,” said MBA’s President and CEO Bob Broeksmit, CMB. “His extensive experience in real estate finance at Walker & Dunlop, Newmark, and Oppenheimer & Co. Inc. provides him with compelling insights on how to make FHA’s single-family and multifamily programs less costly and more innovative and competitive.”
While at Walker & Dunlop, Cassidy was a VP in the Philadelphia area, responsible for multifamily and healthcare lending primarily through HUD. Prior to Walker & Dunlop, Cassidy served as VP with Newmark Knight Frank’s Multifamily Capital Markets Group. He specialized in originating loans insured by the FHA, and has originated financing for multifamily and healthcare properties throughout the country. Prior to Newmark, Cassidy served as VP at Berkeley Point Capital, and before that, as an Associate with Oppenheimer & Company in the company’s corporate headquarters in New York City.
“We will work with him, Department of Housing and Urban Development (HUD) Secretary Scott Turner, and HUD staff on continuing the meaningful reforms that boost housing supply, make owning and renting a home more affordable, and address the challenges and opportunities within the agency, including modernizing FHA’s IT systems and processes,” added Broeksmit on his trade group’s work in the future with Cassidy and the FHA.
Ginnie Mae, the wholly government-owned corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country, has announced Joseph M. Gormley as nominee for its vacant President position.
In mid-April, Ginnie Mae named Gormley as its EVP and COO, tasked with overseeing Ginnie Mae’s mission to support stability in the nation’s housing markets. Since being named EVP and COO, Gormley led Ginnie Mae’s strategic initiatives, operational functions, and risk-management efforts, ensuring that the organization remains focused so that its programs are delivered efficiently, responsibly, and sustainably.
“Joe Gormley is an outstanding choice to serve as the next Ginnie Mae President,” said Broeksmit. “MBA overwhelmingly supports his nomination and believes his deep experience in housing finance policy, including in senior roles at Ginnie Mae, the Department of Housing and Urban Development, and MBA, make him well-qualified to lead the agency’s mission of ensuring mortgage market liquidity, sustainability, and affordability. We will work with Joe Gormley, HUD Secretary Scott Turner, and their staffs on policies and initiatives that modernize the agency’s technology to improve overall issuer experience, increase liquidity for Ginnie Mae mortgage-backed securities, promote affordable homeownership and rental housing, and bring more private capital to the housing finance system.”
Prior to joining Ginnie Mae, Gormley held several senior roles at the U.S. 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. Before his tenure at 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 affecting community bankers. He also held positions at the MBA and the Financial Industry Regulatory Authority (FINRA), where he advised on housing finance and capital markets regulation.
“CHLA strongly supports the Administration’s nomination of Joe Gormley as President of Ginnie Mae. Joe is an excellent choice to lead the agency, bringing a strong blend of private sector mortgage experience and public service,” said the Community Home Lenders of America (CHLA) in a statement to the media. “His prior work at the Federal Housing Administration (FHA), combined with his deep knowledge of housing finance from his time in the industry, make him uniquely qualified to lead Ginnie Mae. We are confident that his leadership will strengthen Ginnie Mae and support its vital role in sustaining liquidity for government-insured loan programs.”
Sam I. Valverde, former Acting President of Ginnie Mae, resigned from his role November 30, 2024. Valverde served in the Biden Administration as the Acting President of Ginnie Mae since May 2024, after previously holding the roles of Principal EVP and COO, since joining the organization in March 2022.
“The National Housing Conference proudly supports the nomination of Joseph Gormley as President of Ginnie Mae,” said David M. Dworkin, President and CEO of the National Housing Conference (NHC). “Mr. Gormley brings over two decades of distinguished leadership and expertise in housing finance and public policy, with a proven record of advancing innovative programs and reforms. Since April 2025, he has served effectively as Executive Vice President and Chief Operating Officer at Ginnie Mae, demonstrating his leadership during a period of substantial change. His tenure at the Department of Housing and Urban Development and the Federal Housing Administration underscores his deep understanding of the complexities and opportunities within the U.S. housing system and commitment to affordable housing. Mr. Gormley is exceptionally well-equipped to guide Ginnie Mae forward. I look forward to collaborating with him to expand access to affordable housing and to strengthening the nation’s housing finance system.”
