Michael Bright, executive vice president and COO of Ginnie Mae, has accepted a position in the private sector and will resign from his position on January 16. Bright will serve as CEO of the Structured Finance Industry Group, a trade group. Maren Kasper, executive vice president of Ginnie Mae, will step in as acting president once Bright leaves. Kasper joined Ginnie Mae in June 2017.

His resignation follows those of Pam Patenaude, a Housing and Urban Development deputy HUD secretary; and Mel Watt, director of the Federal Housing Finance Agency, who left after five years in his post. With Bright moving on, Ginnie Mae, FHFA, Fannie Mae and Freddie Mac will be led by new people in 2019.

In his resignation letter, Bright wrote, “As you are aware, over the past two years Ginnie Mae’s total outstanding portfolio crossed the $2 trillion mark, and last year we served 1.9 million American families as they purchased or refinanced a home… “We have worked to police the prepayment speeds of our bonds, taking continuous efforts to ensure as much homogeneity and predictability across pools as possible. We have also enhanced the oversight of those who do business with Ginnie Mae, and, therefore, do business with the American taxpayer.”

"I want to thank Michael for his many contributions to Ginnie Mae over the last two years," said Ben Carson, secretary of Housing and Urban Development. "He has assembled a first-rate team and successfully managed and expanded a portfolio that enables millions of Americans to become homeowners each year. We wish him the best in his future."