Ginnie Mae Executive Vice President and Chief Operating Officer Joseph Gormley has been nominated to serve as president of the government-owned corporation that operates within the U.S. Department of Housing and Urban Development (HUD).
Gormley joined Ginnie Mae in his current capacities in April. He oversees the agency’s strategic initiatives, operational execution and enterprise risk management efforts while also ensuring the organization fulfills its mission to promote stability and access in the U.S. housing finance system.
He has also previously served as an assistant vice president and regulatory counsel for the Independent Community Bankers of America, as well as the Mortgage Bankers Association (MBA) and the Financial Industry Regulatory Authority.
MBA President and CEO Bob Broeksmit praised Gormley as “an outstanding choice to serve as the next Ginnie Mae president” in a statement.
“MBA overwhelmingly supports his nomination and believes his deep experience in housing finance policy, including in senior roles at Ginnie Mae, HUD and MBA, make him well-qualified to lead the agency's mission of ensuring mortgage market liquidity, sustainability, and affordability,” Broeksmit said. “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.”
Ginnie Mae has been without a Senate-confirmed president since Alanna McCargo resigned in May 2024. Sam Valverde has been serving as acting president since McCargo’s departure.
The Senate was notified of Gormley’s nomination by the White House on Aug. 4 and referred the matter to the Senate Committee on Banking, Housing and Urban Affairs.