Ginnie Mae acting head unexpectedly steps down

by Ryan Smith14 Oct 2019

Ginnie Mae has lost an acting head to the private sector for the second time this year. The Department of Housing and Urban Development announced Thursday that Executive Vice President and Chief Operations Officer Maren Kasper – who has served as acting head of Ginnie Mae since January – will step down Oct. 18 “to pursue an opportunity in the private sector.”

“I want to thank Maren for her significant contributions to both Ginnie Mae and the department, which have helped enable more Americans to become homeowners,” said HUD Secretary Ben Carson. “She has done a tremendous job stepping in to lead Ginnie Mae and its talented team. We all wish her well and know the future for her is bright.”

“It’s been an honor and a privilege to serve you and this Administration since joining the Department on January 20, 2017,” Kasper wrote in her resignation letter to Carson. “I am proud of all that we have accomplished over the last three years. Our efforts under the Ginnie Mae 2020 strategic plan have protected taxpayers, continued to evolve the Ginnie Mae platform for the future, and improved the performance of the Ginnie Mae security, all to the benefit of American homeowners.”

After Kasper’s departure, Seth D. Appleton, assistant secretary for policy development and research, will simultaneously serve as acting head of Ginnie Mae. Michael Drayne, currently senior vice president for strategic planning and policy, will assume the role of acting executive vice president. Ginnie Mae will host a conference for investors and stakeholders this week to discuss the leadership transition.

Kasper is the second acting head of the agency to step down this year. In January, acting head Michael Bright, who was the Trump administration’s nominee to lead the agency permanently, abruptly stepped down and asked for his name to be withdrawn from consideration.

Ginnie Mae has not had a permanent head for more than two years. Ted Tozier, who served as the agency’s president for seven years, stepped down in early 2017.