Ginnie Mae President Joseph Gormley will be taking on a significant additional role for the short term at the Department of Housing and Urban Development (HUD): assistant secretary of housing and commissioner of the Federal Housing Administration.
Frank Cassidy, who was confirmed to the role in December 2025, is taking what is being called a temporary 30-day leave of absence due to family matters. HUD confirmed the move after Politico first reported the leave on April 2.
“The department has every confidence that the Office of Housing and FHA will continue to deliver on President Trump and Secretary Turner’s priorities for creating affordable homeownership and rental housing opportunities for this nation,” a HUD spokesperson told Scotsman Guide.
Cassidy had served as principal deputy assistant secretary at HUD since April 2025 before his final confirmation. He oversees the Office of Housing, one of HUD’s largest offices, and the $2 trillion mortgage insurance portfolio of the FHA — $1.75 trillion of which is single-family loans.
A source with knowledge of the situation told Scotsman Guide that the leave is temporary and everyone is wishing Cassidy the best.
“Frank Cassidy has been a highly effective, results-driven leader at FHA for the past year, cutting red tape, strengthening the agency, and earning broad industry respect as well as respect across the administration,” the source commented, noting that the short-term leave won’t change his impact over the long term. “Results speak for themselves and he will be back again soon. We are all proud of him.”
During Cassidy’s time away, Gormley will lead the FHA “following an orderly handoff,” the HUD spokesperson said, referring Scotsman Guide to previous comments in the Politico article, which stated that Gormley “brings years of experience in mortgage finance, specifically in FHA lending, and under his leadership the office will continue to make homeownership more accessible for Americans.”
Ginnie Mae, like the FHA, operates under the HUD umbrella. Of all FHA single-family mortgages, 99% are packaged into Ginnie Mae mortgage-backed securities.
Neither Gormley nor Cassidy responded to Scotsman Guide’s request for comment.
