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Michael Bright To Leave Ginnie Mae In Mid-January

Michael Bright, Ginnie Mae's interim executive Vice President and chief operating officer withdrew his nomination to serve as the company's president. The announcement comes after 18 months with the agency.

"According to HUD, Bright, whose official title at Ginnie Mae was executive vice president and chief operating officer, will be leaving the agency on January 16 and has asked for his nomination to serve as Ginnie Mae president to be withdrawn," according to HousingWire.

The report revealed that Bright will be pursuing "a new opportunity in the private sector." Prior to his interim position at Ginnie Mae, Bright worked as the leader of Milken Institute's housing program within the think tank's Center for Financial Markets.

“The opportunity to serve the country and our economy in this capacity has been a tremendous honor. Between now and the 16th, I will institute an orderly transition process, including handing over delegated authority for policy decisions immediately,” said Bright in his resignation letter.

“Please be assured that a smooth transition will take place via the leadership structure we have established at Ginnie Mae.”

Maren Kasper, current executive vice president of the agency is expected to serve as its acting president.

To learn more about Bright's resignation and the agency's plans moving forward, click on the image above.

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